Section 318 — Association of persons or body of individuals or artificial
juridical person formed for a particular event or purpose Assessment of association of persons or body of individuals or artificial juridical person formed for a particular event or purpose
Old Act equivalent: Section 43 of IT Act 1961 Sub-part: Profits and Gains of Business or Profession — Computation Rules
Statutory Text
- (1) Irrespective of anything contained in section 4, where it appears
to the Assessing Officer that any association of persons or a body of individ - uals or an artificial juridical person, formed or established or incorporated for a particular event or purpose in a tax year is likely to be dissolved in the same year or immediately after such year, the total income of such association or body or juridical person for the period beginning from the first day of that tax year up to the date of its dissolution shall be chargeable to tax in that tax year. (2) For the purpose of sub-section (1), the provisions of section 317(2) to (6) shall, so far as may be, apply to any proceedings in the case of any such person as they apply in the case of persons leaving India. - —Persons trying to alienate their assets Assessment of persons likely to transfer property to avoid tax.
Provisos
None.
Explanations
None.
Tables
None.
Cross-References
To be updated.
Notes
- Verification status: pending
- Auto-generated from IT Act 2025 PDF on 2026-04-13