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Section 167C — liability for dissolved firm's tax:
AOnly managing partner (per relevant Section)
BJoint and several on all partners at dissolution
CSenior partner only
DAO assessed entity
Answer & Solution
Correct answer: B. Joint and several on all partners at dissolution
1. Section 167C — joint and several liability for tax of dissolved firm.
2. Every person who was a partner during PY (and legal rep of deceased) is liable.
3. Protects revenue when firm dissolved before tax assessment.
_Source: ICAI BoS CA Final Paper 7, Ch 9 "Assessment of Various Entities"_
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