https://www.taxtmi.com/caselaws?id=15286 On nationalisation of a sick textile undertaking, the transferee corporation was not treated as the company's successor for income-tax recovery because the statute transferred only the undertaking, not the company's legal personality. The company remained the assessable entity, and the transferee's liabilities were limited to those expressly listed in the nationalisation Act, which did not include income-tax arrears. The special statute also prescribed an exclusive scheme for claims, priorities and recovery from compensation, so tax dues could not be pursued directly against later transferees or outside that statutory mechanism. en-us Thu, 07 Oct 1999 00:00:00 +0530 Tue, 04 Aug 2009 13:55:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15286 On nationalisation of a sick textile undertaking, the transferee corporation was not treated as the company's successor for income-tax recovery because the statute transferred only the undertaking, not the company's legal personality. The company remained the assessable entity, and the transferee's liabilities were limited to those expressly listed in the nationalisation Act, which did not include income-tax arrears. The special statute also prescribed an exclusive scheme for claims, priorities and recovery from compensation, so tax dues could not be pursued directly against later transferees or outside that statutory mechanism. Case-Laws Income Tax Thu, 07 Oct 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15286