Amendment status not verified — confirm the current text below against the official source.
(1) A registered dealer in respect of such industrial unit in West Bengal as the State Government may, by general or special order, declare as a closed unit shall, subject to the other provisions of this section, be eligible for deferment of payment of tax according to the provisions of section 40 or remission of tax according to the provisions of section 41 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 99, and (b) such unit is rehabilitated or revived on or after the appointed day 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 40 or section 41, 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 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 relating to such unit under section 99, 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 40 or section 41, 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 99, is eligible for deferment under sub-section (3) of section 40 or remission of tax under section 41, as the case may be, shall be reduced by the amount of tax in respect of which the transferor-dealer has enjoyed the benefit of deferment of payment of tax under section 40 or remission of tax under section 41, as the case may be. Ben. Act VI of 1941. West Ben. Act IV of