Assessment means determination/computation of total income and tax liablity.
Discontinued business :- complete cessation of business. ex. firm’s dissolution(discontinued).
another example: Suppose Mr. Ram has business contains 3 units i.e. X,Y & Z. Out of these 3 units, one unit X is giving loss. Therefore ram has decided to drop the business of unit X, this is not called discontinuance of business. on the other hand, in case of joint family’s business if there is division/partition. This is case of discontinuance.
In case of Professions:– ABC firm having 3 partners i.e. A, B & C. Merely suspend practice is not called discontinuance as partners may remain in profession. It is largely depends upon the state of mind- an advocate discontinue his profession when he is appointed as judge, although aftre retirement he may resume his practice.