(1)Where a person carrying on any business or profession (hereinafter referred to as the predecessor) has been succeeded therein by any other person (hereinafter 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.
