Report No. 12
281.Failure to give notice of discontinuance.-
Where any person fails to give the notice of discontinuance of his business, profession or vocation required by section 185 (3) [25 (2) earlier half ], the Income-tax officer may direct that a sum shall be recovered from him by way of penalty not exceeding the amount of tax subsequently assessed on him in respect of any income of the business, profession or vocation up to the date of its discontinuance.
[Section 25(2),latter part]