India - Income Tax Act 2010 - Saarc

1.729 CH. XV - LIABILITY IN SPECIAL CASES - DISCONTINUANCE OF BUSINESS S. 177(4) Where any profession is discontinued in any year on account of the cessationof the profession by, or the retirement or death of, the person carrying on theprofession, any sum received after the discontinuance shall be deemed to be theincome of the recipient and charged to tax accordingly in the year of receipt, ifsuch sum would have been included in the total income of the aforesaid personhad it been received before such discontinuance.(5) Where an assessment is to be made under the provisions of this section, the95[Assessing] Officer may serve on the person whose income is to be assessed or,in the case of a firm, on any person who was a partner of such firm at the timeof its discontinuance or, in the case of a company, on the principal officer thereof,a notice containing all or any of the requirements which may be included in anotice under 96 [clause (i) of sub-section (1) of section 142] and the provisions ofthis Act shall, so far as may be, apply accordingly as if the notice were a noticeissued under 96 [clause (i) of sub-section (1) of section 142].(6) The tax chargeable under this section shall be in addition to the tax, if any,chargeable under any other provision of this Act.(7) Where the provisions of sub-section (1) are applicable, any notice issued bythe 97 [Assessing] Officer under 98 [clause (i) of sub-section (1) of section 142 or]section 148 in respect of any tax chargeable under any other provisions of thisAct may, notwithstanding anything contained in 99 [clause (i) of sub-section (1) ofsection 142 or] section 148, as the case may be, require the furnishing of thereturn by the person to whom the aforesaid notices are issued within such period,not being less than seven days, as the 1 [Assessing] Officer may think proper.Association dissolved or business discontinued.177. (1) Where any business or profession carried on by an association ofpersons has been discontinued or where an association of persons isdissolved, the 1 [Assessing] Officer shall make an assessment of the total incomeof the association of persons as if no such discontinuance or dissolution hadtaken place, and all the provisions of this Act, including the provisions relating tothe levy of a penalty or any other sum chargeable under any provision of this Actshall apply, so far as may be, to such assessment.(2) Without prejudice to the generality of the foregoing sub-section, if the2[Assessing] Officer or the 3 [* * *] 4 [Commissioner (Appeals)] in the course of anyproceeding under this Act in respect of any such association of persons as is95. Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.96. Substituted for “sub-section (2) of section 139”, ibid., w.e.f. 1-4-1989.97. Substituted for “Income-tax”, ibid., w.e.f. 1-4-1988.98. Substituted for “sub-section (2) of section 139”, ibid., w.e.f. 1-4-1989.99. Substituted for “sub-section (2) of section 139 or sub-section (1) of”, ibid.1. Substituted for “Income-tax”, ibid., w.e.f. 1-4-1988.2. Substituted for “Income-tax”, ibid.3. Words “Deputy Commissioner (Appeals) or the” omitted by the Finance (No. 2) Act, 1998,w.e.f. 1-10-1998. Earlier “Deputy Commissioner (Appeals)” was substituted for “AppellateAssistant Commissioner” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988.4. Inserted by the Finance (No. 2) Act, 1977, w.e.f. 10-7-1978.