CBIC clarifies on manner of transfer of ITC in case of death of sole proprietor

CBIC clarifies that transfer or change in the ownership of business will include transfer or change in the ownership of business due to death of the sole proprietor; Consequently, ITC which remains un-utilized in the electronic credit ledger is allowed to be transferred to the transferee in the prescribed manner where the business is continued by any person being transferee or successor; Clarifies that transferee/successor shall be liable to pay any tax, interest or any penal...