What do u mean by cessation of business

Dear All, 

I wish to understand what exactly is meant by cessation? Does it require closing down of the entity such as dissolution of if i havent engaged in the operation or not earned revenues in quite some time, i can claim the same to be cessation?

Moreover, after surrendering if I again earn revenues, can i claim teh basic exemption limit of 10 lakhs once again?

Your guidance on the same will be highly appreciated.

Thank you!

Regards,

Samiksha Jain