Discontinued business.
174. (1) Notwithstanding anything in this Code, where any business is discontinued in any financial year, the Assessing Officer may, in his discretion, charge to tax in that financial year the tax bases of such business for the period beginning from the first day of the financial year to the date on which the business has been discontinued.
(2) Any person discontinuing any business shall give to the Assessing Officer notice of such discontinuance within a period of fifteen days thereof.
(3) Any sum received after the discontinuance of business shall be deemed to be the income of the recipient and charged to tax accordingly in the year of receipt, if such sum would have been included in the tax bases of the person who carried on the business had such sum been received before such discontinuance.
(4) The Assessing Officer may require the person whose business has been discontinued to furnish the return of tax bases, within the time specified therein, which shall not be less than a period of seven days.
(5) The notice for furnishing the return shall be served by the Assessing Officer, in the case of discontinuance of the business of—
(a) the individual, on him;
(b) the unincorporated body, on the participant who was member of the unincorporated body at the time of discontinuance; and
(c) the company, on the principal officer thereof.
(6) The Assessing Officer shall, upon receipt of the return, or after the expiry of the time allowed for furnishing the return under sub-section (4) proceed to make the assessment in accordance with the provisions of this Code in so far as they apply.
(7) The tax payable on the tax bases computed under this section shall be in addition to the tax, if any, payable under any other provision of this Code.
