(1) Where any business carried on by a firm or association of individuals is closed, or where a firm or association of individuals is dissolved, the assessment of tax on the total income of the said firm or association of individuals shall be as such manner as if no closure or termination or dissolution had taken place, and the provisions of this Act shall, so far as may be, apply accordingly.

(2) Where the assessment of tax under sub-section (1) is made in respect of a firm or association of individual, every person who, at the time of the closure of business of the firm or association of individual, or at the time of the dissolution of the firm or association of individual, as the case may be, is a partner or member of the association of individual. were, and on the death of any of them, the legal representatives of the deceased, shall be jointly and severally liable for the payment of the tax payable by the firm or association of individual as a result of the assessment of the said tax and shall, for the purpose of recovery of the said tax, together with the penalty and any other sums payable, be deemed to be the taxpayer, and the provisions of this Act shall apply accordingly.