Amendment status not verified — confirm the current text below against the official source.
(1) A registered dealer in respect of such and industrial unit in West Bengal as the State remission of tax for Government may, by general or special order, closed declare as a closed unit shall, subject to the other industrial units. provisions of this section, be eligible for deferment of payment of tax according to the provisions of section 1OF or remission of tax according to the provisions of section 10G where— (a) the ownership of the business relating to such unit is transferred by sale or otherwise, to such dealer for being registered as a transferee according to section 17, and (b) such unit is rehabilitated or revived on or after the 1st day of April, 1993, by such dealer under any scheme approved by the State Government in this behalf on transfer of the ownership of the business relating to such unit. (2) A closed unit after being rehabilitated or revived shall be deemed to be a newly set up industrial unit for the purposes of section 10F or section 10G, and the part of the eligible period, if any, for which the transferor-dealer has availed the benefit of deferment of payment of tax or remission of tax, shall not be reckoned with for computation of the eligible period for the transferee-dealer. (3) The amount of tax or the aggregate of the amounts of tax payable by, or due from, the dealer, upon the transfer of the business under section 17 relating to such unit, shall be such percentage of the gross value of fixed capital assets on the date of first commercial production in such unit following the rehabilitation or revival, as prescribed under section 1OF of section 10G, as the case may be. (4) The amount of tax or the aggregate of the amounts of tax that a registered dealer, upon the transfer of the business relating to such unit under section 17, is eligible for deferment under sub-section (3) of section 1OF or remission of tax under section 10G, as the case may be, shall be reduced by 85 The West Bengal Finance Act, 1993. [West Ben. Act (Section 3.) the amount of tax in respect of which the transferor-dealer has enjoyed the benefit of deferment of payment of tax under section 1OF or remission of tax under section 10G, as the case may be. (5) The provisions of sub-section (4) of section 1OF or sub-section (3) of section 10G shall not apply to a closed unit if the transferor-dealer of such unit has enjoyed benefit under section 10F or section 10G before the closure of such unit, but if such registered dealer opts once for deferment of payment of tax after its rehabilitation or revival, he shall not be eligible for remission of tax and vice-versa. Deferment