Joint and several liability for partners preserves tax, interest and penalty responsibility after firm discontinuance or reconstitution. Tax, interest and penalty up to the date of discontinuance of a firm, association or Hindu undivided family may be determined despite discontinuance, and every partner or member at that time remains jointly and severally liable for such amounts whether determined before or after discontinuance; similar joint and several liability applies on reconstitution, dissolution or partition. A Limited Liability Partnership is treated as a firm for these purposes.
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 preserves tax, interest and penalty responsibility after firm discontinuance or reconstitution.
Tax, interest and penalty up to the date of discontinuance of a firm, association or Hindu undivided family may be determined despite discontinuance, and every partner or member at that time remains jointly and severally liable for such amounts whether determined before or after discontinuance; similar joint and several liability applies on reconstitution, dissolution or partition. A Limited Liability Partnership is treated as a firm for these purposes.
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