Tax payable by transferee of business

When the ownership of the business of a registered dealer is transferred, any tax payable in respect of his business in forward contracts remaining unpaid at the time of the transfer shall be payable by the transferee as if he were the registered dealer. The transferee shall be liable to pay tax as from the date of transfer and he shall, within 7 days of the transfer, apply for registration under section 6. The transferee shall be competent to carry on the business until the application is disposed of, and the registration shall have retrospective effect from the date of transfer.