72.  Assessment in the case of discontinued business or profession.-

(1)   Where, in any year, any business or profession is discontinued, the person discontinuing such business or profession shall give to the Deputy Commissioner a notice of such discontinuance within fifteen days of the date of such discontinuance (hereinafter referred to as the "said date").

(2)   The person discontinuing such business or profession shall, under the provisions of this Ordinance or upon being required by the Deputy Commissioner by a notice in writing, furnish a return or returns of total income in respect of the period commencing from the end of the latest income year for which an order has been made under sub-section (1) of section 59, section 59A, 62, 63 or 65, or, where no such order has been made, a return has been made under section 55, 56 or 57, as the case may be, and ending on the said date, or where no such order or return has been made, the income year or years comprising the period ending on the said date; and the period commencing from the end of the latest income year to the said date shall, for purposes of this section, be deemed to be an income year (distinct and separate from any other income year) for the assessment year in which the said date falls.

(3)   Notwithstanding anything contained in sub-sections (1) and (2), the Deputy Commissioner may serve a notice on any person who, in his opinion, has discontinued, or is likely to discontinue, in any year, any business or profession, to furnish, within such time as may be specified in such notice, a return or returns of total income for the income year or years for which the assessee is required to furnish such return or returns under sub-section (2).

(4)   The assessment shall be made at the rates applicable to the relevant assessment year and all the provisions of this Ordinance shall, so far as may be, apply accordingly.