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What section 41 of the Income Tax Act is about?

1 reply, 2 voices Last updated by  aditya makhija 2 weeks, 2 days ago
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    jiya khan
    Participant
    @jiyakhan7743

    What section 41 of the Income Tax Act is about?

    #5155

    aditya makhija
    Participant
    @aditya00

    Sec 41 is applicable when an assessee is allowed a deduction in earlier Previous Year by way of expenditure, loss, trading liability and now during the current PY assessee has obtained a refund of such liability or there is remission/cessation od such trading liability then such refund/remission shall be taxable under PGBP. Example: Sales tax refund / SIT destroyed in a fire and allowed as trading loss and later insurance claim received.

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