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income tax

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(Querist)
07 September 2008 bad debts recovered in the hands of sucessor from a disconitnued business r exempt or not.
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CA E.A.Ravikumar

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CA E.A.Ravikumar (Expert)
07 September 2008 Yes. Pl refer 176 (3A)
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
08 September 2008 yes u/s 176(3A)
conditions are
1.business should have been discontinued.
2.any sum should have been actually received.
3.such sum would have been included in the total income of the person who carried on the business had such sum been received before such discontinuance.
4.such sum is taxable in the hands of the recipient.
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