Joint and several liability of partners for unpaid tax, limited when retirement notice is given to tax authority. Partners are jointly and severally liable for payment of tax, interest and penalty. A retiring partner remains liable for obligations up to the date of retirement, whether determined before or after retirement, provided the firm or retiring partner gives written notice of retirement to the Commissioner; absent timely intimation, liability continues until the Commissioner receives the notice.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Joint and several liability of partners for unpaid tax, limited when retirement notice is given to tax authority.
Partners are jointly and severally liable for payment of tax, interest and penalty. A retiring partner remains liable for obligations up to the date of retirement, whether determined before or after retirement, provided the firm or retiring partner gives written notice of retirement to the Commissioner; absent timely intimation, liability continues until the Commissioner receives the notice.
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