Raju succeeded to the business of his father Ramu consequent to the demise of Ramu on 1.2.2021. Raju recovered ₹ 30,000 due from a customer which was written off by late Ramu as bad debt and allowed in the assessment year 2016-2017. The amount recovered is:

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Question:Raju succeeded to the business of his father Ramu consequent to the demise of Ramu on 1.2.2021. Raju recovered ₹ 30,000 due from a customer which was written off by late Ramu as bad debt and allowed in the assessment year 2016-2017. The amount recovered is:

1.Exempt from tax

2.Fully-taxable as business income

3.₹ 15,000 being 50% taxable as business income

4.To be set off against current year bad debts

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  1. Raju succeeded to the business of his father Ramu consequent to the demise of Ramu on 1.2.2021. Raju recovered ₹ 30,000 due from a customer which was written off by late Ramu as bad debt and allowed in the assessment year 2016-2017. The amount recovered is:
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