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 180 - Assessment of firm in case of change in its constitution - Direct Taxes Code Bill, 2009Extract Assessment of firm in case of change in its constitution 180. (1) The Assessing Officer shall, in a case where a change has occurred in the constitution of an unincorporated body, make only one assessment in respect of the entire financial year in which the change has occurred. (2) For the purposes of this section, a change in the constitution of an unincorporated body is said to have taken place, if- (a) one, or more, of the participants ceased to be participants; (b) one, or more, new participants are admitted; or (c) all the participants continue with a change in their respective shares or in the shares of some of them. (3) The provisions of this section shall not apply, if the change in constitution is on account of the death of a participant or on account of the retirement of all the participants.
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