88. Assessment in case of succession to business otherwise than on death.-
(1) Where, a person, carrying on any business or profession (in this section, referred to as the predecessor), has been succeeded therein otherwise than on death by another person (in this section, referred to as the successor) in any income year, and the successor continues to carry on that business or profession,-
(a) the predecessor shall be assessed, in respect of the income of the income year in which the succession took place, for the period up to the date of succession, and
(b) the successor shall be assessed, in respect of the income of the income year, for the period after the date of succession.
(2) Notwithstanding anything contained in sub-section (1), where the predecessor cannot be found, the assessment of the income year in which the succession took place up to the date of succession and of the income year or years preceding that year shall be made on the successor in the like manner and to the same extent as it would have been made on the predecessor ; and the provisions of this Ordinance shall, so far as may be, apply accordingly.
(3) Where any sum payable under this section in respect of the income of a business or profession cannot be recovered from the predecessor, the Deputy Commissioner of Taxes shall record a finding to that effect, and thereafter the sum payable by the predecessor shall be payable by, and recoverable from, the successor who shall be entitled to recover it from the predecessor.
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