Section 80(4) in The Punjab Value Added Tax Act, 2005
(4)Where a person, liable to pay tax under this Act, transfers or otherwise disposes of his business in whole or in part, or effects any change in the ownership thereof, in consequence of which he is succeeded in the business or part thereof by any other person, then both the persons shall jointly and severally be liable to pay the tax including any penalty, sum forfeited and interest due from the person under this Act or under the repealed Act, up to the time of such transfer, disposal or change, whether such tax including any penalty, sum forfeited and interest has been assessed before such transfer, disposal or change, but has remained unpaid, or is assessed thereafter.
