Association liability for wealth tax: association assessed when members' shares are indeterminate; members jointly liable. Where assets chargeable to wealth-tax are held by an association of persons and members' individual shares in income or assets are indeterminate or unknown, the association shall be assessed and taxed as if it were an individual resident citizen. If the association discontinues business or is dissolved, the Assessing Officer shall assess net wealth as if no discontinuance occurred; penalties under sections 18 or 18A may be imposed. Members at the time of discontinuance, and legal representatives of deceased members, are jointly and severally liable and proceedings may continue against them.
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.
Association liability for wealth tax: association assessed when members' shares are indeterminate; members jointly liable.
Where assets chargeable to wealth-tax are held by an association of persons and members' individual shares in income or assets are indeterminate or unknown, the association shall be assessed and taxed as if it were an individual resident citizen. If the association discontinues business or is dissolved, the Assessing Officer shall assess net wealth as if no discontinuance occurred; penalties under sections 18 or 18A may be imposed. Members at the time of discontinuance, and legal representatives of deceased members, are jointly and severally liable and proceedings may continue against them.
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