The correct answer is option 4: Sale proceeds of assets.

Corporation tax in India is levied on the income of a company. This means that the tax is imposed on the profits earned by the company from its business activities. Option 1, profit from business, is a clear example of income that is subject to corporation tax.

Option 2, capital gain, refers to the profit that arises from the sale of a capital asset, such as shares or property. In India, capital gains are also subject to corporation tax.

Option 3, interest on securities, refers to the income earned by a company from its investments in securities like bonds or debentures. In India, this income is also included in the calculation of corporation tax.

Option 4, sale proceeds of assets, does not directly contribute to the company`s income. It refers to the amount received from selling assets, such as equipment or land. This is not considered as income and therefore not subject to corporation tax.

In summary, while options 1, 2, and 3 are all included in the calculation of corporation tax, option 4, sale proceeds of assets, does not include corporation tax.