Section 319 — Persons trying to alienate their assets

Assessment of persons likely to transfer property to avoid tax

Old Act equivalent: Section 43A 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 during any current tax year that any person is likely to charge, sell, transfer, dispose of or otherwise part with any of his assets with a view to avoiding payment of any liability under the provisions of this Act, the total income of such person for the period beginning from the first day of that current tax year up to the date when the Assessing Officer commences proceedings under this section shall be chargeable to tax in the current 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.
—Discontinuance of business, or dissolution Discontinued business.

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To be updated.