Firm succession requires separate assessments, while constitution changes follow a distinct framework and partners may face joint and several liability.

Section 328 requires separate assessments of predecessor and successor firms where one firm succeeds another in carrying on a business or profession, unless the arrangement is a change in constitution covered by Section 327. Assessment is undertaken in accordance with Section 313, and records should identify income, expenditure, assets, liabilities and transactions for the respective periods. Section 329 permits joint and several liability of partners during the relevant tax year, and legal representatives of deceased partners, with the firm for tax, penalty and other payable sums.

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