https://www.taxtmi.com/caselaws?id=35158 A purchaser of an industrial unit who gave a binding undertaking at registration could be fastened with the predecessor's outstanding excise duty and interest, as successor liability attached to the transferred unit. The interest component, however, had to be recomputed under the applicable statutory regime and correct rate of interest. Penalty imposed on the predecessor could not be recovered from the successor because penalty proceedings are personal to the person against whom they were initiated and the successor had no opportunity to contest the levy. The appeal therefore succeeded only to the extent of disallowing penalty recovery and directing recalculation of interest, while liability for the excise dues was affirmed. en-us Thu, 09 Apr 2009 00:00:00 +0530 Tue, 12 Jan 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35158 A purchaser of an industrial unit who gave a binding undertaking at registration could be fastened with the predecessor's outstanding excise duty and interest, as successor liability attached to the transferred unit. The interest component, however, had to be recomputed under the applicable statutory regime and correct rate of interest. Penalty imposed on the predecessor could not be recovered from the successor because penalty proceedings are personal to the person against whom they were initiated and the successor had no opportunity to contest the levy. The appeal therefore succeeded only to the extent of disallowing penalty recovery and directing recalculation of interest, while liability for the excise dues was affirmed. Case-Laws Central Excise Thu, 09 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35158