https://www.taxtmi.com/caselaws?id=16560 Successor-in-interest liability remained enforceable despite the acquisition arrangement because the assets and liabilities of the taken over company had vested in the government company under the acquisition law. The protection invoked by the appellant was limited to liabilities reflected in the audited balance-sheet as on 31 December 1975, and the income-tax dues were not shown there. A statutory tax liability could not be avoided on that basis, so the appellant was bound to discharge the arrears and interest. The challenge therefore failed, and liability for the income-tax dues was upheld. en-us Tue, 21 Oct 1997 00:00:00 +0530 Tue, 08 Sep 2009 15:24:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16560 Successor-in-interest liability remained enforceable despite the acquisition arrangement because the assets and liabilities of the taken over company had vested in the government company under the acquisition law. The protection invoked by the appellant was limited to liabilities reflected in the audited balance-sheet as on 31 December 1975, and the income-tax dues were not shown there. A statutory tax liability could not be avoided on that basis, so the appellant was bound to discharge the arrears and interest. The challenge therefore failed, and liability for the income-tax dues was upheld. Case-Laws Income Tax Tue, 21 Oct 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16560