Information to be furnished regarding change of business

If any proprietor liable to pay tax —

1. (a) sells, transfers or otherwise disposes of or discontinues his business; or
2. (b) sells, transfers or otherwise disposes of or discontinues his place of business; or opens new place of business; or
3. (c) changes the name, constitution or nature of the business; he shall within such time as may be prescribed, inform the assessing authority, and if any proprietor dies, his legal representative shall in like manner inform the said authority: Provided that if a proprietor or the legal representative, as the case may be, fails to inform the said authority of the foregoing provision having the effect of transferring the liability to pay tax on another person, then, notwithstanding the change, any tax which such person has become liable to pay after the change has taken place, may be recovered as if no change has taken place: