Income Tax Ordinance, 2001

CHAPTER-V

PROVISIONS GOVERNING PERSONS PART VA TAX LIABILITY IN CERTAIN CASES

Income Tax Ordinance, 2001 CHAPTER-V PROVISIONS GOVERNING PERSONS PART VA TAX LIABILITY IN CERTAIN CASES From: 2024-12-29 - To: 0000-00-00 98C. Succession to business, otherwise than on death.- (1) Where a person carrying on any business or profession has been succeeded in any tax year by any other person (hereafter in this section referred to as the “predecessor” and “successor” respectively), otherwise than on the death of the predecessor, and the successor continues to carry on that business or profession,- (a) the predecessor shall be liable to pay tax in respect of the income of the tax year in which the succession took place up to the date of succession and of the tax year or years preceding that year; and (b) the successor shall be liable to pay tax in respect of the income of such tax year after the date of succession. (2) Notwithstanding anything contained in sub-section (1), where the…