https://www.taxtmi.com/acts?id=6381 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. en-us Sat, 19 Jan 2008 22:45:54 +0530 Tue, 11 Sep 2012 14:27:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=6381 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. Act-Rules Wealth-tax Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=6381