(1)Notwithstanding anything contained to the contrary in any agreement, contract or understanding, when the owner ship of a business of a dealer liable to pay tax under this Act, is transferred in whole or in part, the transferor or the transferee shall be jointly or severally liable for informing the particulars' of the transfer to the prescribed authority in such manner as may be prescribed and for the payment of any tax, penalty or interest, if any, payable in respect of such business and remaining unpaid at the time of such transfer:
