Section-504: Service of notice in case of discontinued business

Section-504 : Service of notice in case of discontinued business

Section-504 seeks to provide for service of notice to be made in the case of a discontinued business or profession. Learn to understand the section-504 as it is, it's help and useful links to follow.

Here onwards, "Act" refers to "Income Tax Act 2025"

1. Section-504 as per act

Where an assessment is to be made under section 320, the Assessing Officer may serve on the—

person whose income is to be assessed; or
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
principal officer, in 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 sub-section.