Notwithstanding anything contained elsewhere in this Act,-

(a) where a registered dealer has been enjoying, or has been entitled to enjoy, the benefit of deferment of tax under section 40, section 42 or section 43, as the case may be, of the West Bengal Sales Tax Act, 1994, for a specified period or for a specified amount determine with respect to gross value of the fixed capital assets, immediately before the appointed day and who would have continued to be so eligible on such appointed day under that Act had this Act not come into force, may be allowed deferment of payment of output tax payable by him under this Act by the Commissioner, for the balance un-expired period or the balance eligible amount, as the case may be, with respect to gross value of the fixed capital assets, whichever expired earlier;

(b) where a registered dealer was enjoying benefit of tax holiday under section 39 of the West Bengal Sales Tax Act, 1994, for a specified period, immediately before the appointed day and who would have continued to be so eligible on such appointed day under that Act had his Act not come into force, may be allowed such tax holiday in a restricted manner by way of exemption from payment of ninety-five per centum of output tax payable by him under this Act by the Commissioner for the balance un- expired period or until the aggregate of the benefit of exemption from payment of tax enjoyed by such dealer under section 39 of the West Bengal Sales Tax Act, 1994, computed from first day of April, 2003, exceeds the limit of two hundred per centum of gross value of the fixed capital assets, whichever expires earlier, in such manner and subject to such terms and conditions as may be prescribed;

(c) where a registered dealer was enjoying benefit of remission of tax under section 41 of the West Bengal Sales Tax Act, 1994, for a specified period or a specified amount determined with respect to gross value of the fixed capital assets, immediately before the appointed day and who would have continued to be so eligible on such appointed under that Act had this Act not come into force, may be allowed remission of ninety-five per centum of output tax payable by him under this Act by the Commissioner for the balance un-expired period, or balance eligible amount with respect to gross value of fixed capital assets, whichever expires earlier, in such manner and subject to such terms and conditions as may be prescribed.

(2) For the purposes of clause (a), clause (b) or clause (c), a complete British Calender month shall be considered, wherever a part of a month is involved.

(3) For the purpose of clause (a), clause (b) or clause (c), the term ''balance'' means the period, or the eligible amount, remaining unexhausted on the appointed day.