43. Deferment of payment of tax and remission of tax for sick industrial units
(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 sick unit shall, subject to the other provisions of this section, be eligible for deferment of payment of tax or remission of tax according to the provisions of section 40 or section 41, as the case may be, where such unit is rehabilitated or revived by such dealer himself on or after the appointed day under any scheme approved by the State Government.
(2) The benefit of deferment of payment of tax under section 40 or remission of tax under section 41 shall be available to a new owner of the business relating to such unit if -
(a) the ownership of such business is taken over by, and is transferred to, the new owner who -
(i) is deemed to be registered as a transferee under section 99, or
(ii) has been registered dealer prior to such transfer, or
(iii) gets himself registered on a date subsequent to such transfer, and
(b) such unit is rehabilitated or revived by such new owner on or after the appointed day under any scheme approved by the State Government in this behalf.
(3) A sick unit, after being rehabilitated or revived, shall be deemed to be a newly set up industrial unit in West Bengal, and the part of the eligible period, if any, for which the dealer availed of the benefit before the rehabilitation or revival, shall not be reckoned for computation of the eligible period for the dealer or transferee-dealer, as the case may be, after such rehabilitation or revival.
(4) The amount of tax or the aggregate of the amounts of tax payable by, or due from, the dealer, upon rehabilitation or revival of such unit by the dealer himself or upon rehabilitation or revival by the new owner on transfer of the ownership of business relating to such unit under sub-section (2), shall be such percentage of the gross value of fixed capital assets on the date on which the tax becomes payable for a return period in respect of sales of goods manufactured in such unit following the rehabilitation or revival, as prescribed under section 40 or section 41, as the case may be.
(5) The amount of tax or the aggregate of the amounts of tax that such dealer, upon rehabilitation of such unit by the dealer himself or upon rehabilitation on transfer of the business relating to such unit under sub-section (2), is entitled to 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 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, before rehabilitation or revival of the unit.
(6) A sick unit which, after being rehabilitated or revived on or after the 1st day of April, 1993 and before the appointed day, has enjoyed, or has been entitled to enjoy, the benefit of deferment of payment of tax or remission of tax in respect of such unit under provisions of 10-I of the Bengal Finance (Sales Tax) Act, 1941 (Ben. Act VI of 1941), or section 8K of the West Bengal Sales Tax Act, 1954, (West Ben. Act IV of 1954), as the case may be, as they stood on the day immediately before the appointed day, shall continue to enjoy or to be entitled to enjoy such benefit in accordance with such provisions of the said Act.
EXPLANATION