Succession to business or profession otherwise than on death.

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..... person (herein referred to as the successor) who continues to carry on that business or profession,- (a) the predecessor shall be assessed in respect of the income of the tax year in which the succession took place up to the date of succession; (b) the successor shall be assessed in respect of the income of the tax year after the date of succession. (2) Irrespective of anything contained in .....

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..... payable under this section in respect of the income of such business or profession assessed on the predecessor,-- (a) for the tax year in which the succession took place up to the date of succession; or (b) for the tax year preceding the year in which the succession took place, cannot be recovered from him, the Assessing Officer shall record a finding to that effect and the sum payable by the .....

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..... he succession; and (b) "pendency" means the period commencing from the date of filing of application for such succession of business before the High Court or tribunal or the date of admission of an application for corporate insolvency resolution by the Adjudicating Authority as defined in section 5(1) of the Insolvency and Bankruptcy Code, 2016 (31 of 2016) and ending with the date on which the .....

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