Section 67: Recouped deductions.

(1) Where a previously deducted expenditure, loss or bad debt claim is recovered, the amount recovered is income of the year of assessment in which it is recovered and takes the character of the income to which the deduction is related. (2) For the purposes of subsection (1), a deduction is considered recovered on the occurrence of an event inconsistent with the basis for the deduction. P ART V – ALTERNATIVE CHARGEABLE BUSINESS INCOME AND DESIGNATED CHARGEABLE INCOME