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Business reorganisation assessment: predecessor and successor taxed for respective pre- and post-reorganisation periods; proceedings continue against successor. Assessment upon business reorganisation divides the financial year between the predecessor and successor: the predecessor is assessed for income up to the day before reorganisation and the successor for income from the date of reorganisation to year-end. Proceedings under the Code against the predecessor are deemed taken against the successor and may be continued or instituted against the successor where the predecessor does not exist or cannot be found.
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.
Provisions expressly mentioned in the judgment/order text.
<h1>Business reorganisation assessment: predecessor and successor taxed for respective pre- and post-reorganisation periods; proceedings continue against successor.</h1> Assessment upon business reorganisation divides the financial year between the predecessor and successor: the predecessor is assessed for income up to the day before reorganisation and the successor for income from the date of reorganisation to year-end. Proceedings under the Code against the predecessor are deemed taken against the successor and may be continued or instituted against the successor where the predecessor does not exist or cannot be found.
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