Clause 314 - Effect of order of tribunal or court in respect of business reorganisation.

Business reorganisation: successor must file modified return; assessing officer to modify or assess tax accordingly.

Orders in respect of a business reorganisation require each successor to furnish a modified return within six months of the order, limited to and in accordance with that order. If assessment for the relevant tax year is complete, the Assessing Officer must modify the total income in that assessment to reflect the order and the modified return; if assessment is pending, the Assessing Officer must assess or reassess the total income in accordance with the order and modified return. Such assessments remain subject to all other provisions of the Act and tax is chargeable at the rates applicable to that tax year.