Clause 176 - Assessment on retirement or death of participant. - Direct Taxes Code, 2010

Assessment on retirement or death of participant. 176. (1) The Assessing Officer shall make separate assessments on any two unincorporated bodies, if— (a) one unincorporated body succeeds another unincorporated body; and (b) the succession is by virtue of retirement of all participants in the unincorporated body or death of any of the participants. (2) The separate assessments shall be made in accordance with the provisions of section 168 as if— (a) the unincorporated body, succeeding the other unincorporated body, is the successor; and (b) the unincorporated body being succeeded is the predecessor.