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of <h1>Assessing Officer Continues Tax Assessment Despite Firm's Dissolution; Partners Liable for Taxes and Penalties Under Section 302(4)</h1> When a firm is dissolved or its business discontinued, the Assessing Officer must assess the firm's total income as if the dissolution or discontinuance had not occurred, applying all relevant tax provisions, including penalties. If misconduct is found, penalties may be imposed. Partners and legal representatives are jointly and severally liable for taxes and penalties. If proceedings have begun before dissolution, they may continue against the partners or representatives. This section does not affect the provisions of section 302(4).
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