(1)Where the business of a dealer registered under this Act is transferred by sale, gift, bequest, inheritance or otherwise or is transferred by way of lease and the transferee or the lessee carries on such business, either in its old name or in some other name, the transferee or the lessee shall for all purposes of this Act (except for liabilities under this Act already discharged by such dealer) be deemed to be and to have always been registered (in the case of a lease for so long as the lease subsist) as if the certificate of registration of such dealer had initially been granted to the transferee or the lessee and the transferee or the lessee shall be entitled to apply to the Assessing Officer within the prescribed time for the amendment of the certificate of registration accordingly.(2)Where the business of a dealer not registered under this Act is transferred by any of the modes referred to in sub-section (1), the transferee or lessee as the case may be, whether he is a registered dealer or not, shall be liable to pay tax interest, penalty or other dues payable by the transferor which remains unpaid on the date of such transfer (expect liabilities under this Act already discharged by the transferor) and all the provisions of this Act, shall, so far as may be, apply accordingly.(3)In case to which the provisions of sub-section 91) or sub-section (2) apply, the transferor shall also, jointly and severally with the transferee be liable to pay the tax, interest, penalty or other dues, if any, payable for the period up to the date of such transfer whether such tax, interest, penalty or other dues has been assessed before or after such transfer.
