Section 504 — Service of notice in case of discontinued business
Old Act equivalent: Section 284 of IT Act 1961 Sub-part: Chapter XXIII—Miscellaneous
Statutory Text
- Where an assessment is to be made under section 320, the Assessing Officer may serve on the—
(a) person whose income is to be assessed; or
(b) person who was a member of a firm or association of persons at the time of its discontinuance, in the case of a firm or an association of persons; or
(c) principal officer, in the case of a company, a notice containing all or any of the requirements which may be included in a notice under section 268(1) and the provisions of this Act shall, so far as may be, apply accordingly as if the notice were a notice issued under that section. Submission of statement by a non-resident having liaison office.
Provisos
None.
Explanations
None.
Tables
None.
Key Structure
- Applies to: Persons who have discontinued business or profession.
- Conditions: Notice served on person who carried on the business at time of discontinuance.
- Time limits: None.
- Monetary limits: None.
- Exceptions: None.
Cross-References
- Section 268
- Section 320
Amendment Notes
None noted from the extracted pages.