ITO Section 70 | Recouped expenditure

Text of ITO Section 70

Recouped expenditure

Where a person has been allowed a deduction for any expenditure or loss incurred in a tax year in the computation of the person’s income chargeable to tax under a head of income and, subsequently, the person has received, in cash or in kind, any amount in respect of such expenditure or loss, the amount so received shall be included in the income chargeable under that head for the tax year in which it is received.

Explanation of ITO Section 70

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حَسْبِيَ اللَّهُ لاَ إِلَهَ إِلاَّ هُوَ عَلَيْهِ تَوَكَّلْتُ وَهُوَ رَبُّ الْعَرْشِ الْعَظِيمِ

“Allah is sufficient for me. There is none worthy of worship but Him. I have placed my trust in Him. He is the Lord of the Majestic throne.”