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of <h1>Notice Requirements for Assessing Income After Business Discontinuance Under Income-Tax Act Provisions</h1> When an assessment is to be made under the relevant provision for discontinued business, the tax officer may serve a notice to the individual whose income is to be assessed, or if it concerns a firm or association, to any member at the time of discontinuance, or in the case of a company, to its principal officer. This notice may include any requirements similar to those in a notice issued under the specified section for income tax returns. The provisions of the Income-tax Act apply to such notices as if they were issued under the standard notice provisions, ensuring proper service and compliance even after the business has ceased operations.
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