If a person liable to pay tax has certain tax liability and in the meantime he transfers his business to another person, what happens to the existing tax liability?

If a person liable to pay tax has certain tax liability and in the meantime he transfers his business to another person, what happens to the existing tax liability? https://www.taxtmi.com/acts?id=22480 Both transferor and transferee are jointly and severally liable for tax, interest and penalty due up to the time of transfer, covering amounts determined before or after transfer and irrespective of the mode of transfer such as sale, gift, lease, leave-and-license or hire. en-us Thu, 22 Sep 2016 18:02:34 +0530 Thu, 22 Sep 2016 18:02:34 +0530 TaxTMI RSS Generator If a person liable to pay tax has certain tax liability and in the meantime he transfers his business to another person, what happens to the existing tax liability? https://www.taxtmi.com/acts?id=22480 Both transferor and transferee are jointly and severally liable for tax, interest and penalty due up to the time of transfer, covering amounts determined before or after transfer and irrespective of the mode of transfer such as sale, gift, lease, leave-and-license or hire. Act-Rules Bills Thu, 22 Sep 2016 18:02:34 +0530 https://www.taxtmi.com/acts?id=22480