Joint and several liability for partners continues after firm discontinuance, covering tax, interest and penalty. Where a firm, association of persons or Hindu Undivided Family discontinues business, tax, interest and penalty up to that date may be assessed as if discontinuance had not occurred, and every partner, member or coparcener at that time remains jointly and severally liable for those liabilities; similar joint and several liability applies on change of constitution, dissolution or partition, with a Limited Liability Partnership treated as a firm.
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 partners continues after firm discontinuance, covering tax, interest and penalty.
Where a firm, association of persons or Hindu Undivided Family discontinues business, tax, interest and penalty up to that date may be assessed as if discontinuance had not occurred, and every partner, member or coparcener at that time remains jointly and severally liable for those liabilities; similar joint and several liability applies on change of constitution, dissolution or partition, with a Limited Liability Partnership treated as a firm.
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