https://www.taxtmi.com/caselaws?id=150197 A business taken over as a running concern carries the incidents of the undertaking, including liabilities and prior tax consequences, so the transferee steps into the shoes of the earlier management. On that basis, the transfer was treated as extending beyond assets alone, and Section 27 was read as permitting enquiry into the correctness of exemptions granted in earlier years. The assessing authority was therefore held to have jurisdiction to issue notice on the petitioner's earlier exemptions and tax liability after the takeover, and the challenge seeking prohibition failed. en-us Mon, 02 Aug 1971 00:00:00 +0530 Fri, 10 May 2013 10:55:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=150197 A business taken over as a running concern carries the incidents of the undertaking, including liabilities and prior tax consequences, so the transferee steps into the shoes of the earlier management. On that basis, the transfer was treated as extending beyond assets alone, and Section 27 was read as permitting enquiry into the correctness of exemptions granted in earlier years. The assessing authority was therefore held to have jurisdiction to issue notice on the petitioner's earlier exemptions and tax liability after the takeover, and the challenge seeking prohibition failed. Case-Laws VAT and Sales Tax Mon, 02 Aug 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=150197