Rule 5. (1) Where any business carried on by a firm, a Hindu undivided family or an association has been discontinued or dissolved, the assessing authority shall make an assessment under Section 8 of the Act on the firm, the Hindu undivided family or association as if no such discontinuance or dissolution had taken place, and all the provisions of the Act including the provisions relating to the levy of penalty or any other sum chargeable under the provisions of the Act shall apply, so far as may be to such assessment. 

(2) Every person who was at the time of such discontinuance or dissolution, a partner of such firm or a member of such Hindu undivided family or association and legal representative of any such persons who is deceased shall be jointly and severally liable for the amount of the tax, penalty or other sum payable, and all the provisions of the Act, so far as may be, shall apply to any such assessment or levy of penalty or other sum.