India - Income Tax Act 2010 - Saarc

S. 41 I.T. ACT, 1961 1.26233[(11) Where the assessee has, before the 1st day of March, 1984, paid any sumto any fund, trust, company, association of persons, body of individuals, societyor other institution referred to in sub-section (9), then, notwithstanding anythingcontained in any other law or in any instrument, he shall be entitled—(i) to claim that so much of the amount paid by him as has not been laidout or expended by such fund, trust, company, association of persons,body of individuals, society or other institution (such amount beinghereinafter referred to as the unutilised amount) be repaid to him,and where any claim is so made, the unutilised amount shall be repaid,as soon as may be, to him;(ii) to claim that any asset, being land, building, machinery, plant orfurniture acquired or constructed by the fund, trust, company,association of persons, body of individuals, society or other institutionout of the sum paid by the assessee, be transferred to him, and whereany claim is so made, such asset shall be transferred, as soon as maybe, to him.](12) 34 [Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.]Profits chargeable to tax.41. 35 [ 36 (1) Where an allowance or deduction has been made in the assessmentfor any year in respect of loss, expenditure or trading liability incurred by theassessee (hereinafter referred to as the first-mentioned person) and subsequentlyduring any previous year,—(a) the first-mentioned person has obtained 37 , whether in cash or in anyother manner whatsoever, any amount in respect of such 37 loss orexpenditure 37 or some benefit in respect of such trading liability byway of remission or cessation thereof 37 , the amount obtained by suchperson or the value of benefit accruing to him shall be deemed to beprofits and gains of business or profession and accordingly chargeableto income-tax as the income of that previous year, whether thebusiness or profession in respect of which the allowance or deductionhas been made is in existence in that year or not; or(b) the successor in business has obtained 37 , whether in cash or in anyother manner whatsoever, any amount in respect of which loss orexpenditure was incurred by the first-mentioned person or somebenefit in respect of the trading liability referred to in clause (a) byway of remission or cessation 37 thereof, the amount obtained 37 by thesuccessor in business or the value of benefit accruing to the successor33. Inserted by the Finance Act, 1984, w.r.e.f. 1-4-1980.34. Prior to omission, sub-section (12) was inserted by the Finance Act, 1985, w.e.f. 1-4-1986.35. Substituted by the Finance Act, 1992, w.e.f. 1-4-1993.36. For relevant case laws, see Taxmann’s Master Guide to Income-tax Act.37. For the meaning of the terms “obtained”, “such”, “expenditure” and “remission or cessationthereof”, see Taxmann’s Direct Taxes Manual, Vol. 3.