Dismissing the  appeal of the assessee the Court  held  that, section 41(1) of the Act  has to be considered as a complete code by itself . Section 41(1) cannot be read in isolation with section 41(4) . The assessment completed under section 41(1) is the same as the assessment contemplated under section 41(4). Therefore , merely because there is no corresponding amendment in sub-clause (4) it would not mean that the provisions of section 41(1) will not apply. The recovery of the debt is the right transferred along with the numerous other rights comprising of the subject of the transfer.  Accordingly, the bad debt recovered by the assessee which was written off by the amalgamating company, which got amalgamated is liable to be taxed in the hands of the assessee.( T.C.A Nos . 272& 275 of 2022 dt . 26 -9 -2022 )  ( AY. 2004 -05 , 2005 -06 )