Service of notice for discontinued businesses allows authorities to serve former members or principal officers to proceed with assessment.
Clause 504 permits the Assessing Officer, where an assessment is to be made under section 320, to serve a notice on the person whose income is to be assessed, any person who was a member of a firm or association of persons at the time of its discontinuance, or the principal officer of a company; such notice may contain all or any of the requirements included in a notice under section 268(1), and the Act's provisions shall apply as if the notice were issued under that sub section.