Succession of one firm by another firm - Section 188 - Income Tax - Ready Reckoner - Income Tax

Succession of one firm by another firm - Section 188 Where a firm carrying on a business or profession is succeeded by another firm, and the case is not one covered by section 187 , separate assessment shall be made on the predecessor firm and the successor firm as under: Predecessor firm shall be assessed ------- Upto the date of succession Successor firm shall be assessed -------- After the date of succession Joint Several liability of Partners for tax payable by Firm - Section 188A Every person who was, during the previous year, a partner of a firm and the legal representative of any deceased partner, shall be jointly and severally liable along with the firm for the amount of tax, penalty or other sum payable by the firm for the assessment year to which such previous year is relevant and all the provisions of this Act, so far as may be, shall apply to the assessment of such tax or imposition or levy of such penalty or other sum.