Javascript, 208 bytes
Late to the party, but I was piqued by @jdstankosky 's comment and decided to take a different approach. Here's a Javascript entry that mauls a template and evals itself along the way.
function f(){t="a*b=c ";u="";r=u;for(i=1;i<10;i++){a=0;u=u+t;v=u.split(' ');r+=v.map(x=>x.replace('a',++a).replace('b',i)).map(x=>x.replace('*','x').replace('c',eval(x.substr(0,3)))).join(' ')+'\n'}return r;}
Un-golfed version:
function f()
{
t="a*b=c "; // template for our multiplication table
u="";r=""; // tmp- and return values
for(i=1;i<10;i++)
{
a=0; // is auto-incremented in MAP
u=u+t;// extend the template once per iteration
v=u.split(' '); // Smash the template to pieces
w=v.map(x=>x.replace('a', ++a).replace('b', i)) // MAP replaces the A and B's with the correct numbers
w=w.map(x=>x.replace('*', 'x').replace('c', eval(x.substring(0,3)))).join(' '); // second map evals that and replaces c with the answer, makes the asteriks into an X
r=r+w+'\n' // results get concatenated
}
return r;
}