TaxTMI 
TaxTMI 
2016 (7) TMI 889
X X X X Extracts X X X X
X X X X Extracts X X X X
....purchased the assets of one M/s Hans Pharmaceutical & Chemical Private Ltd. from the Pradeshik Industrial Corporation Ltd. U.P., (PICUP for short) (state Finance Corporation) which sold the assets of the said Hans Pharmaceutical Chemicals exercising - Statutory powers under section 29 and 30 of the State Finance Corporation Act. Thereafter the appellant acquired the assets, free of any encumbrances, from the said Corporation, vide agreement of sale dated 21/11/94 for valuable consideration. In the said agreement clause 12 provides, in respect of statutory dues as follows : - "Appellant will have no concern with any pending dues of the borrower and the appellant is only purchasing assets, sold by the Corporation. Similarly the statutory dues....
X X X X Extracts X X X X
X X X X Extracts X X X X
....m Order, the appellant deposited Rs. 10 lakhs with the revenue, vide TR-6 Challan dated 3/11/2004, a copy of which is Annexed at page 4 of the Appeal Book. Subsequently, vide the Final Order dated 22/11/2010, the Honourable High Court dismissed the writ petition with a direction to the appellant to seek alternative remedy, as available under Section 35 of the Central Excise Act. The appellant considering the view taken by Hon'ble High Court in Laxmi Oil & Vanaspati (P) Ltd. V/s. CCE preferred a review application being R.P. defective number 373 of 2011, which was also dismissed granting liberty to prefer appeal, within a period of one month from the date of order dated 28/5/2012. In response thereto the appellant preferred an appeal b....
X X X X Extracts X X X X
X X X X Extracts X X X X
....f India reported in 2013(295) E.L.T. 12 (S.C) wherein under the fact that the State finance Corporation in the event of default had advertised the unit for sale and as per the public notice as well as the Sale Deed/Agreement having specific clause, that the attached properties were sold free from all encumbrances, but also having the stipulation that "all these statutory liabilities arising out of the land, shall be borne by the purchaser in the sale deed" and "all the statutory liabilities arising out of the said properties" shall be borne by the vendee, and vendor shall not be held responsible, in the agreement of sale. It was held that Excise Duty were not statutory liabilities which arise out of land and building or plant and machinery ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....rson in trust for or for the use of the person carrying on such trade or business, may be detained for the purpose or exacting such duty; and any officer duty authorised by general or special order of the Central Board of Excise and Customs or the Collector may detain such goods, materials, preparations, plant, machinery, vessels, utensils and articles until such duties or any sums recoverable in lieu are paid or recovered. (2) Where any such person transfers or otherwise disposes of his business in whole or in part, or effects any change in the ownership thereof, in consequence of which he is succeeded in the business or trade or part thereof by any other person r persons, all excisable goods, materials, preparations, plant,....