Joint and several liability of partners extends to tax, interest and penalty; retiring partner remains liable until notice received. Partners and the firm are jointly and severally liable for any tax, interest or penalty under the Act. A retiring partner remains liable for liabilities attributable to the period up to retirement whether assessed or not, and remains so until the Commissioner receives written notice of retirement; if no notice is given within one month, liability continues until receipt of 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 of partners extends to tax, interest and penalty; retiring partner remains liable until notice received.
Partners and the firm are jointly and severally liable for any tax, interest or penalty under the Act. A retiring partner remains liable for liabilities attributable to the period up to retirement whether assessed or not, and remains so until the Commissioner receives written notice of retirement; if no notice is given within one month, liability continues until receipt of intimation.
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