Clause 313 - Succession to business or profession otherwise than on death.

Succession to business: successor bears post succession tax liability and may assume predecessor's pending tax obligations.

Clause 313 requires the predecessor to be assessed for income up to the date of succession and the successor for income after that date; if the predecessor cannot be found, the successor may be assessed for the predecessor's relevant years. Proceedings initiated on the predecessor during the pendency of succession are deemed initiated on the successor. If amounts assessed on the predecessor cannot be recovered, they become payable by and recoverable from the successor, who may in turn recover from the predecessor. The clause treats gains from transfer as income and defines pendency for succession proceedings.