India - Income Tax Act 2010 - Saarc

S. 176 I.T. ACT, 1961 1.728juridical person was formed or established or incorporated or immediately aftersuch assessment year, the total income of such association or body or juridicalperson for the period from the expiry of the previous year for that assessmentyear up to the date of its dissolution shall be chargeable to tax in that assessmentyear, and the provisions of sub-sections (2) to (6) of section 174 shall, so far as maybe, apply to any proceedings in the case of any such person as they apply in thecase of persons leaving India.]K.—Persons trying to alienate their assetsAssessment of persons likely to transfer property to avoid tax.175. Notwithstanding anything contained in section 4, if it appears to the91[Assessing] Officer during any current assessment year that any person islikely to charge, sell, transfer, dispose of or otherwise part with any of his assetswith a view to avoiding payment of any liability under the provisions of this Act,the total income of such person for the period from the expiry of the previousyear for that assessment year to the date when the 91 [Assessing] Officer commencesproceedings under this section shall be chargeable to tax in thatassessment year, and the provisions of sub-sections (2), (3), (4), (5) and (6) ofsection 174 shall, so far as may be, apply to any proceedings in the case of anysuch person as they apply in the case of persons leaving India.Discontinued business.L.—Discontinuance of business, or dissolution92176. (1) Notwithstanding anything contained in section 4, where any businessor profession is discontinued in any assessment year, the income of theperiod from the expiry of the previous year for that assessment year up to thedate of such discontinuance may, at the discretion of the 91 [Assessing] Officer,be charged to tax in that assessment year.(2) The total income of each completed previous year or part of any previous yearincluded in such period shall be chargeable to tax at the rate or rates in force inthat assessment year, and separate assessments shall be made in respect of eachsuch completed previous year or part of any previous year.(3) Any person discontinuing any business or profession shall give to the93[Assessing] Officer notice of such discontinuance within fifteen days thereof.94[(3A) Where any business is discontinued in any year, any sum received afterthe discontinuance shall be deemed to be the income of the recipient andcharged to tax accordingly in the year of receipt, if such sum would have beenincluded in the total income of the person who carried on the business had suchsum been received before such discontinuance.]91. Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.92. See also Instruction No. 703, dated 12-6-1974. For details, see Taxmann’s Master Guide toIncome-tax Act.93. Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.94. Inserted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976.