Assessment of unincorporated body in case of change in its constitution.
175. (1) The Assessing Officer shall, in a case where a change has occurred in the constitution of an unincorporated body, make a single assessment in respect of the entire financial year in which the change has occurred.
(2) In this section, a change in the constitution of an unincorporated body is said to have taken place, if—
(a) one, or more, of the participants cease to be participants;
(b) one, or more, new participants are admitted; or
(c) all the participants continue with a change in their respective shares or in the shares of some of them.
(3) The provisions of this section shall not apply, if the change in constitution is on account of the death of a participant or the retirement of all the participants.
