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of <h1>Dissolved Partnership Firms and LLPs Still Liable for Taxes and Penalties; Partners Share Joint and Several Liability.</h1> When a partnership firm or LLP is dissolved or its business discontinued, the Assessing Officer will assess the firm's total income as if the dissolution had not occurred, applying all provisions of the Income Tax Act, including penalties. All partners and legal representatives of deceased partners at the time of dissolution are jointly and severally liable for taxes and penalties for all assessment years since the firm's inception. Ongoing proceedings can continue against these individuals. If the firm is found guilty of offenses under Chapter XXI, penalties may be imposed by the Assessing Officer or relevant authorities.
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