Section 319 — Assessment of persons likely to transfer property to avoid tax

(1) Irrespective of anything contained in section 4, where it appears to the
Assessing Officer during any current tax year that any person is likely to
charge, sell, transfer, dispose of or otherwise part with any of his assets with a
view to avoiding payment of any liability under the provisions of this Act, the total
income of such person for the period beginning from the first day of that current
tax year up to the date when the Assessing Officer commences proceedings under
this section shall be chargeable to tax in the current tax year.
(2) For the purpose of sub-section (1), the provisions of section 317(2) to (6) shall,
so far as may be, apply to any proceedings in the case of any such person as they
apply in the case of persons leaving India.
12. —Discontinuance of business, or dissolution