Section 76(16) in Uttaranchal Value Added Tax Act, 2005
(16)If there is discontinuation of business, within the meaning of clause (e) of sub-section (7) of Section 3, of the manufacturer who was eligible for exemption from or reduction in rate of tax under this Section, and if he is succeeded by another manufacture by means of sale, license, contract, lease, managing agency or in any other manner, such successor manufacturer may, subject to the provisions of sub-section (13), apply to the officer competent to grant eligibility certificate, within sixty days of such succession, for the grant of facility under this Section for the un expired portion of the period for which the facility was or could be granted to the former manufacture:Provided that the aforesaid officer may, in its discretion and for adequate and sufficient reasons to be recorded in writing, entertain an application moved within six months of the date of the expiration of the period specified in this sub-Section;Provided further that such manufacture and successor manufacturer for the purpose of liability of tax shall be treated as the transferrer and transferee under sub-section (4) of Section 9;Provided also that in computing the un-expired portion of the period, the period during which the production of successor manufacturer remains closed on account of an order passed by any Court or Board for Industrial and Financial Reconstruction or Appellate Authority for Industrial and Financial Reconstruction shall be excluded.
