https://www.taxtmi.com/acts?id=21412 If a specified person fails to pay tax on accreted income, the principal officer or trustee and the specified person are deemed assessee in default and subject to all income-tax collection and recovery provisions. Where tax arises because assets were transferred, the transferee is deemed assessee in default for tax and interest but is liable only to the extent the received asset can meet that liability. The term specified person follows the definition in the related accrual-tax provision. en-us Thu, 12 May 2016 15:31:02 +0530 Mon, 23 Jun 2025 17:36:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=21412 If a specified person fails to pay tax on accreted income, the principal officer or trustee and the specified person are deemed assessee in default and subject to all income-tax collection and recovery provisions. Where tax arises because assets were transferred, the transferee is deemed assessee in default for tax and interest but is liable only to the extent the received asset can meet that liability. The term specified person follows the definition in the related accrual-tax provision. Act-Rules Income Tax Thu, 12 May 2016 15:31:02 +0530 https://www.taxtmi.com/acts?id=21412