Section 176(4) Amount received against any discontinued Business or Profession

While Section 41 dealt with Certain Expenses or losses against which certain amount was received late

This Section covers Income against which any amount received.

As per Secrion 176(4)

If any amount received against any discontinued business/profession ,

then it will be taxable in the hands of recipient

in the year received

in the same manner it would have been

had the business not discontinued.

Receipent may be person or his successor