https://www.taxtmi.com/caselaws?id=300729 Property sold by a State Financial Corporation under Section 29 of the State Financial Corporations Act, 1951 passes to the auction purchaser free from encumbrances, and the purchaser acquires only the transferred property rights, not the erstwhile owner's business liabilities. Section 49 of the M.P. Commercial Tax Act, 1994 applies to a transferee only where the entire business is transferred, and no specific statutory provision was shown authorising recovery of the predecessor's tax dues from the purchaser. The auction purchaser could not therefore be saddled with commercial tax arrears of the previous owner, and recovery from the purchased property was impermissible. en-us Mon, 25 Jul 2016 00:00:00 +0530 Tue, 22 Feb 2022 07:21:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300729 Property sold by a State Financial Corporation under Section 29 of the State Financial Corporations Act, 1951 passes to the auction purchaser free from encumbrances, and the purchaser acquires only the transferred property rights, not the erstwhile owner's business liabilities. Section 49 of the M.P. Commercial Tax Act, 1994 applies to a transferee only where the entire business is transferred, and no specific statutory provision was shown authorising recovery of the predecessor's tax dues from the purchaser. The auction purchaser could not therefore be saddled with commercial tax arrears of the previous owner, and recovery from the purchased property was impermissible. Case-Laws Indian Laws Mon, 25 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300729