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If a person liable to pay tax has certain tax liability and in the meantime he transfers his business to another person, whathappens to the existing tax liability?
Team SoOLEGAL | 01/01/1970

Where any person liable to pay tax, transfers his business in whole/part, by sale, gift, lease, leave and license, hire, or in any other manner, then such person  and the person to whom the business is transferred shall jointly and severally be liable to pay the tax, interest or penalty due from the taxable person up to the time of such transfer, whether such dues has been determined before such transfer, but has remained unpaid or is determined thereafter.


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