Section 5(1) in The Punjab Passengers and Goods Taxation Rules, 1952
(1)If the owner-(a)sells or otherwise disposes of his business or any part of such business or effects any other change in the ownership, name, style, location, nature or extent of such business; or(b)discontinues such business he shall, within thirty days of such sale, disposal, discontinuance or change, submit a report to that effect to the Assessing Authority, and if the owner is registered under the Act, he shall apply in form PTT 3 to the Assessing Authority for cancellation or amendment of the certificate of registration, as the case may be.
