If a person liable to pay tax has certain tax liability and in the meantime he transfers his business to another person, what happens to the existing tax liability?

Where any person liable to pay tax, transfers his
business in whole/part, by sale, gift, lease, leave and
license, hire, or in any other manner, then such person
and the person to whom the business is transferred shall
jointly and severally be liable to pay the tax, interest or
penalty due from the taxable person up to the time of such
transfer, whether such dues has been determined before
such transfer, but has remained unpaid or is determined
thereafter.