28. Profits and gains of business or profession. -The following income shall be chargeable to
income -tax under the head “Profits and gains of business or pro fession”, -
(i)the profits and gains of any business or profession which was carried on by the assessee at any
time during the previous year; (ii)any compensation or other payment due to or received by, - (a)any person, by whatever name called, managing t he whole or substantially the whole of
the affairs of an Indian company, at or in connection with the termination of his management or
the modification of the terms and conditions relating thereto;