Joint and several liability for firm taxes continues against partners, with retirement notice limiting post-retirement exposure. Partners and the firm are jointly and severally liable for any tax, interest or penalty under the Act. A retiring partner remains liable for amounts due up to the retirement date whether determined or not; notification of retirement to the Commissioner in writing limits post-retirement liability, but if no notice is given within one month the partner's liability continues until the Commissioner receives the intimation.
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 for firm taxes continues against partners, with retirement notice limiting post-retirement exposure.
Partners and the firm are jointly and severally liable for any tax, interest or penalty under the Act. A retiring partner remains liable for amounts due up to the retirement date whether determined or not; notification of retirement to the Commissioner in writing limits post-retirement liability, but if no notice is given within one month the partner's liability continues until the Commissioner receives the intimation.
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