Laws and Bare Acts of India at MyNation.net

MyNation Foundation Online Law Library

Section 21 – The Gift Tax Act, 1958

The Gift Tax Act, 1958

 

 

21. LIABILITY IN CASE OF DISCONTINUED FIRM OR ASSOCIATION OF PERSONS. –

 

(1) Where a firm or association of persons liable to pay Gift Tax has been discontinued or dissolved the Assessing Officer shall determine the Gift Tax payable by the firm or association of persons as such as if no such discontinuance or dissolution had taken place.

 

(2) If the 1[Assessing Officer], the 2[Deputy Commissioner (Appeals)] 3[the Commissioner (Appeals)] or the Appellate Tribunal in the course of any proceedings under this Act in respect of any such firm or other association of persons as is referred to in sub-section (1) is satisfied that the firm or association is guilty of any of the acts specified in clause (a) or clause (b) or clause (c) of sub-section (1) of section 17, he or it may impose or direct the imposition of a penalty in accordance with the provisions of that section.

 

(3) Every person who was at the time of such discontinuance or dissolution a partner of the firm or a member of the association, as the case may be, shall be jointly and severally liable for the amount of tax or penalty payable, and all the provisions of Chapter VII, so far as may be, shall apply to any such assessment or imposition of penalty.

 

—————

1. Subs. by Act 4 of 1988, sec. 161, for “Gift Tax Officer” (w.e.f. 1-4-1988).

 

2. Subs. by Act 4 of 1988, sec. 161, for “Appellate Assistant Commissioner” (w.e.f. 1-4-1988).

 

3. Ins. by Act 29 of 1977, sec. 39 and Sch. V, Pt. III (w.e.f. 10-7-1978).

 

 

Previous | Next

 

The Gift Tax Act, 1958

 

Indian Laws – Bare Acts

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2018 Laws and Bare Acts of India at MyNation.net
×

Free Legal Help, Just WhatsApp Away

MyNation HELP line

We are Not Lawyers, but No Lawyer will give you Advice like We do

Please read Group Rules – CLICK HERE, If You agree then Please Register CLICK HERE and after registration  JOIN WELCOME GROUP HERE

We handle Women Centric biased laws like False Sectioin 498A IPC, Domestic Violence(DV ACT), Divorce, Maintenance, Alimony, Child Custody, HMA 24, 125 CrPc, 307, 312, 313, 323, 354, 376, 377, 406, 420, 497, 506, 509; TEP, RTI and many more…

Web Design BangladeshWeb Design BangladeshMymensingh