Liability in case of discontinued firm or association of persons
Section 21 of the Gift-tax Act, 1958 deals with liability in case of discontinued firm or association of persons. 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. The Act came into force on 01 Apr 1958.
(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 [Assessing Officer], the [Deputy Commissioner (Appeals)], [the Commissioner (Appeals)] or the Appellate Tribunal in the course of any proceeding 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.
Section 21, The Gift-tax Act, 1958 (Act 18 of 1958).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 21
What does Section 21 of the Gift-tax Act deal with?
Section 21 of the Gift-tax Act is headed "Liability in case of discontinued firm or association of persons". 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.
How do I find court cases under Section 21 of the Gift-tax Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Gift Tax Act 21, section 21 Gift Tax Act, section 21 of the Gift-tax Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 21 of the Gift-tax Act, and has it changed?
Its own text turns on section 17 (Penalty for failure to furnish returns, to comply with notices and concealment of gifts, etc), so none of them can safely be read on its own.
When did Section 21 of the Gift-tax Act come into force?
Section 21 of the Gift-tax Act, cited as Gift Tax Act 21, came into force on 01 Apr 1958, having been enacted on 15 May 1958. It is in force as at the date shown on this page.
Other sections of this Act
- 15. Assessment2057 words
- 5. Exemption in respect of certain gifts1521 words
- 2. Definitions1156 words
- 33A. Refunds1140 words
- 16. Gift escaping assessment1035 words
- 22. Appeal to the [ Deputy Commissioner (Appeals)] from orders of [Assessing Officer1003 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Recovered from the consolidated text published by India Code on the Act's own item (c68c5249-54dd-4d0c-ad5d-acc5479e81dc). India Code lists this Act but publishes no sections for it, so there was nothing to harvest, only a document to read. This page is not a substitute for legal advice.