Section 504
Section 504: service of notice in case of a discontinued business
Section 504 tells the Assessing Officer who to serve a notice on when making an assessment under section 320 for a business, firm, association of persons or company that has since been discontinued.
This explanation is AI-assisted and pending review by our CA/CS team. It is general information, not professional advice - always cross-check against the bare law text above or talk to our tax team for guidance specific to your situation.
Who can be served
Where an assessment is to be made under section 320, the Assessing Officer may serve a notice on:
- the person whose income is to be assessed; or
- the person who was a member of a firm or association of persons at the time of its discontinuance, in the case of a firm or an association of persons; or
- the principal officer, in the case of a company.
How the notice operates
The notice may contain all or any of the requirements that can be included in a notice under section 268(1), and the provisions of the Act apply, so far as may be, as if it were a notice issued under that section.
Frequently asked questions
Who does the Assessing Officer serve a notice on for a discontinued firm?
A person who was a member of the firm or association of persons at the time of its discontinuance, under Section 504(b).
Who is served notice for a discontinued company under this section?
The principal officer of the company, under Section 504(c).
Related sections
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Talk to our tax team about a notice you receivedLast updated 9 September 2026