88. Assessment in case of succession to business otherwise than on death.-

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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