Section 49 - Amendment of Section 176 - Taxation Laws (Amendment) Act, 1975

49. Amendment of Section 176. In section 176 of the Income-tax Act, after sub-section (3), the following sub-section shall be inserted, namely: (3A) Where any business is discontinued in any year, any sum received after the discontinuance shall be deemed to be the income of the recipient and charged to tax accordingly in the year of receipt, if such sum would have been included in the total income of the person who carried on the business had such sum been received before such discontinuance. .