(3)Any person discontinuing any business or profession shall give to the [Assessing Officer] [ Substituted by Act 4 of 1988, Section 2, for " Income-tax Officer" (w.e.f. 1.4.1988).] notice of such discontinuance within fifteen days thereof.[(3-A) Where any business is discontinued in any year, any sum received after the discontinuance shall be deemed to be the income of the recipient and charged to tax accordingly in the year of receipt, if such sum would have been included in the total income of the person who carried on the business had such sum been received before such discontinuance.] [ Inserted by Act 41 of 1975, Section 49 (w.e.f. 1.4.1976).]
