10B. [ Deemed payment of tax. [Section 10-B inserted by No. 14- Legislative/95 dated 25.7.1995.]
- Notwithstanding anything contained in this Act, the State Government or the Commissioner or any person appointed to assist him under sub-section (1) of Section 3, not below the rank of an Assistant Excise and Taxation Commissioner, may pass order, with regard to a unit, which came into production for the first time on or after the first day of April, 1989 or wherein modernisation, expansion or diversification has been carried out and to whom incentives by way of deferment of tax, under the Industrial Policy, 1989 of the State Government, have been granted by virtue of deferment certificate, and where a loan liability equal to the amount of any such tax as aforesaid payable by such unit, has been raised by the appropriate authority of the Department of Industries of the Government of Punjab, that the tax payable by such unit shall in public interest, be deemed, to have been paid.Note. - The expressions and terms, used in this section, but not defined in the Act, shall have the same meaning as have been assigned to them under the Punjab General Sales Tax (Deferment and Exemption) Rules, 1991, as amended from time to time.]
