Section 176 of ITA, 1961 : Section 176: Discontinued Business
ITA, 1961
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Explanation using Example
Imagine a scenario where Mr. A runs a garment manufacturing business. On July 15, 2023, Mr. A decides to discontinue his business due to declining profits. According to Section 176(1) of the Income-tax Act, 1961, the income from April 1, 2023, to July 15, 2023, can be taxed in the assessment year 2023-2024 if the Assessing Officer chooses to do so.
Mr. ...
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