Section 58 in The Kerala Agricultural Income Tax Act, 1991
58. Assessment in case of discontinued business of company firm or association.
(1)Where Agricultural Income is received by a company, firm or Association of persons, and the business through which such income is received is discontinued in any year, an assessment may be made in that year on the basis of the agricultural income received during the period between the end of the previous year and the date of such discontinuance, in addition to the assessment, if any, made on the basis of the agricultural income received in the previous year.(2)Any person discontinuing any such business shall give to the Agricultural Income tax Officer, notice of such discontinuance within thirty days thereof.(3)where any such business is discontinued in any year any sum received after the discontinuance shall be deemed to be the agricultural income of the recipient and chargeable to tax accordingly in the year of receipt, as if such sum would have been included in the agricultural income of the person who carried on the business, had such sum been received before such discontinuance.(4)Where an assessment is to be made under sub-section (1) the Agricultural Income-tax Officer may, serve on the person whose agricultural income is to be assessed or in the case of a firm or any person who was a member of such firm at the time of the discontinuance or, in the case of a company, on the principal Officer thereof notice containing all or any of the requirements which may be included in a notice under sub-section (2) of section35 and the provisions of this Act shall, so far as may be, apply accordingly as if the notice where a notice issued under that sub- section.
