Section - 59 (of Income Tax Act, 1961), Profits chargeable to tax
Section - 59 (of Income Tax Act, 1961), Profits chargeable to tax
Profits chargeable to tax.
(1) The provisions of sub-section (1) of section 41 (of Income Tax Act, 1961) shall apply, so far as may be, in computing the income of an assessee under section 56 (of Income Tax Act, 1961), as they apply in computing the income of an assessee under the head "Profits and gains of business or profession".
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