Amendment status not verified — confirm the current text below against the official source.
(1) Where a taxable person, liable to pay tax under this Act, transfers his business in whole or in part, by sale, gift, lease, leave and license, hire or any other manner what so ever, the taxable person and the person to whom the business is so Liabiii-ty in case of transfer transferred shall, jointly and severally, be liable of business. wholly or to the extent of such transfer, to pay the tax, interest or any penalty due from the taxable person up to the time of such transfer, whether, such tax, interest or penalty has been determine before such transfer but has remain unpaid or is determined thereafter. 473