TaxTMI 
TaxTMI 
Succession to business or profession otherwise than on death.
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.... succeeded therein by any other person (herein referred to as the successor) who continues to carry on that business or profession,- (a) the predecessor shall be assessed in respect of the income of the tax year in which the succession took place up to the date of succession; (b) the successor shall be assessed in respect of the income of the tax year after the date of succession....
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.... as may be, apply accordingly. (4) When any sum payable under this section in respect of the income of such business or profession assessed on the predecessor,-- (a) for the tax year in which the succession took place up to the date of succession; or (b) for the tax year preceding the year in which the succession took place, cannot be recovered from him, the Assessing Offic....
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....om the transfer, in any manner, of the business or profession as a result of the succession; and (b) "pendency" means the period commencing from the date of filing of application for such succession of business before the High Court or tribunal or the date of admission of an application for corporate insolvency resolution by the Adjudicating Authority as defined in section 5(1) of the Ins....