Taxation of event-formed associations: income up to dissolution is chargeable in the assessment year when dissolution is anticipated.

Where an association of persons, body of individuals or artificial juridical person formed for a particular event is likely to be dissolved in the assessment year in which it was formed or immediately thereafter, the total income of that entity from the expiry of the previous year up to the date of dissolution shall be chargeable to tax in that assessment year, and the procedural subsections applicable to persons leaving India shall, so far as may be, apply to proceedings in such cases.

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