Profits chargeable to tax
Profits chargeable to tax
59. (1) The provisions of sub-section (1) of section 41 shall apply, so for as may be, in computing the income of an assessee under section 56, as they apply in computing the income of an assessee under the head "Profits and gains of business or profession".
(2) When any buildings, machinery, plant or furniture to which clauses (ii) and (iii) of sub-section (2) of section 56 apply are sold, discarded, demolished or destroyed, the provisions of sub-section (2) of section 41 shall apply, so far as may be, in computing the income of an assessee under section 56 as they apply in computing the Income of an assessee under the head "Profits and gains of business or profession".
Explanation.—For the purpose of this section, the expression "sold" shall have the same meaning as in sub-section (1) of section 32.
[As amended by the Finance Act, 1966]