Discontinued business taxation: tax bases may be assessed in year of discontinuance, with notice and return requirements. Assessing Officer may charge to tax the tax bases of a business for the period from the first day of the financial year to the date of discontinuance; the person discontinuing must notify the Assessing Officer within the prescribed period; post-discontinuance receipts are deemed income if they would have been included in the former operator's tax bases; the Assessing Officer may require a return of tax bases within a specified minimum period, serve notice on prescribed representatives, proceed to assessment after return or expiry, and the tax under this section is additional to other Code liabilities.
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.
Discontinued business taxation: tax bases may be assessed in year of discontinuance, with notice and return requirements.
Assessing Officer may charge to tax the tax bases of a business for the period from the first day of the financial year to the date of discontinuance; the person discontinuing must notify the Assessing Officer within the prescribed period; post-discontinuance receipts are deemed income if they would have been included in the former operator's tax bases; the Assessing Officer may require a return of tax bases within a specified minimum period, serve notice on prescribed representatives, proceed to assessment after return or expiry, and the tax under this section is additional to other Code liabilities.
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