§ 504
Chapter XXIII — Miscellaneous
Service of notice in case of discontinued business
Income-tax Act, 2025
When an assessment is required under section 320, the Assessing Officer can issue a notice to the individual whose income is being assessed, to a former member of a firm or association that has been discontinued, or to the principal officer of a company. The notice includes any of the requirements normally found in a section 268(1) notice and is treated as if it were issued under that provision.
- Applicable to individuals, former partners of discontinued firms/associations, and company principal officers.
- The notice carries the same legal effect as a standard section 268(1) notice.
📜 Official text of the section +
504. Where an assessment is to be made under section 320, the Assessing Officer
may serve on the—
( a) person whose income is to be assessed; or
( b) person who was a member of a firm or association of persons at the time
of its discontinuance, in the case of a firm or an association of persons;
or
( c) principal officer, in the case of a company,
a notice containing all or any of the requirements which may be included in a notice
under section 268(1) and the provisions of this Act shall, so far as may be, apply
accordingly as if the notice were a notice issued under that section.
Submission of statement by a non-resident having liaison office.
Plain-language summary — not the official text. Refer to the bare Act and confirm with a professional for your specific case.
Related sections
§ 499Certain transfers to be void§ 500Provisional attachment to protect revenue in certain cases§ 501Director or Director. Service of notice, generally§ 502Authentication of notices and other documents§ 503Service of notice when family is disrupted or firm etc., is dissolved§ 505Submission of statement by a non-resident having liaison office