Joint and several liability continues after firm discontinuance, requiring partners to pay assessed tax and interest. Tax, interest and penalty due by a firm, association or Hindu undivided family up to discontinuance may be determined as if no discontinuance occurred, ... Summary
Joint and several liability continues after firm discontinuance, requiring partners to pay assessed tax and interest.
Tax, interest and penalty due by a firm, association or Hindu undivided family up to discontinuance may be determined as if no discontinuance occurred, and every partner, member or similar person at that time is jointly and severally liable for those liabilities whether determined before or after discontinuance; the provisions apply so far as practicable to treat such persons as taxable persons.
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