Succession to business assigns assessment and recovery obligations to the successor, including liabilities during pendency of succession. Succession to a business otherwise than on death divides assessment liability: the predecessor is assessed for income up to succession date and the ... Summary
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Succession to business assigns assessment and recovery obligations to the successor, including liabilities during pendency of succession.
Succession to a business otherwise than on death divides assessment liability: the predecessor is assessed for income up to succession date and the successor for income thereafter. If the predecessor cannot be found, assessments for the succession year up to the date and the preceding year may be made on the successor in the same manner. Unrecoverable sums assessed on the predecessor may be recovered from the successor, who may seek reimbursement from the predecessor. Rules for Hindu undivided family partitions and deemed continuation of proceedings during the pendency of succession are also provided; gains from transfer on succession count as income.
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