https://www.taxtmi.com/acts?id=4147 Where an association's business is discontinued or it is dissolved, the Assessing Officer shall assess the association's total income as if no discontinuance or dissolution occurred, with all applicable provisions of the Income-tax Act, including penalty provisions, applying. The Assessing Officer or designated appellate officer may impose penalties under Chapter XXI for acts specified in that Chapter. Members at the time of dissolution and their legal representatives are jointly and severally liable for tax, penalties and other sums; ongoing proceedings may continue against those persons from the stage they had reached. en-us Sat, 19 Jan 2008 22:45:54 +0530 Sat, 05 Jul 2025 13:28:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=4147 Where an association's business is discontinued or it is dissolved, the Assessing Officer shall assess the association's total income as if no discontinuance or dissolution occurred, with all applicable provisions of the Income-tax Act, including penalty provisions, applying. The Assessing Officer or designated appellate officer may impose penalties under Chapter XXI for acts specified in that Chapter. Members at the time of dissolution and their legal representatives are jointly and severally liable for tax, penalties and other sums; ongoing proceedings may continue against those persons from the stage they had reached. Act-Rules Income Tax Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=4147