Home Acts & Rules Bill Bills Direct Taxes Code Bill, 2009 Chapters List Chapter X - Part-C TAX ADMINISTRATION AND PROCEDURE - C.-Procedure for assessment in special cases This
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Clause 174 - Assessment upon business reorganisation - Direct Taxes Code Bill, 2009Extract Assessment upon business reorganisation 174. (1) The assessment of the predecessor and the successor shall, in respect of the financial year in which the business reorganisation is undertaken, be made in the manner provided in this section. (2) The predecessor shall be assessed in respect of the income for the period beginning with the first day of the financial year and ending on the day immediately preceding the date of business reorganisation. (3) The successor shall be assessed in respect of the income for the period beginning with the date of business reorganisation and ending on the last day of the financial year. (4) Any proceeding under this Code taken against the predecessor shall be deemed to have been taken against the successor and may be continued against the successor from the stage at which it stood on the date of the business reorganisation, if the predecessor does not exist or cannot be found. (5) Any proceeding under this Code may be taken against the successor, which could have been taken against the predecessor if he existed or was found.
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