TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Assessing Officer treats dissolved or discontinued firm's income as if active; partners jointly liable, Chapter XXI penalties apply, s.159(6) unaffected</h1> Where a firm's business is discontinued or the firm is dissolved, the Assessing Officer must assess the firm's total income as if the discontinuance or dissolution had not occurred, with all applicable provisions (including penalties) applying. If during proceedings it is found the firm committed offenses under Chapter XXI, penalties may be imposed. Partners at the time of discontinuance or dissolution, and their legal representatives if deceased, are jointly and severally liable for tax, penalties and other sums. Ongoing assessment proceedings may continue against those persons from their current stage. This section does not affect section 159(6).
TaxTMI 
TaxTMI 
