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Exemption u/s 80IC, Income Tax |
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Exemption u/s 80IC |
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Our asseese is running a factory claiming exemption u/s 80IC .Our asseese is a sole prop. Now our assesse has decide to convert his sole prop. in to partnership firm. Exemption period u/s 80IC is yet to be finished. Now my queery is whether the new partnership firm is eligible to enjoy the expemtion u/s 80IC for the remaining period or not. Posts / Replies Showing Replies 1 to 3 of 3 Records Page: 1
according to the Section 80IC it never says convert of the company it says it should not be the extention of the present company hence i think convert may be permited and eligible to claim u/s 80IC since the business is in the same exemption area.
The section speaks about undertaking and not Assessee, hence will be permitted.
I had a talk with Dr. Girish Ahuja, he said the constitution of the asseese hasbeen changed with this conversion. So the new partnership firm is not eligible to claim the balance period expemtion. Now by considering yours views & Mr. ahuja's views sitution is now contradictory.............please help to overcome this............ Page: 1 Old Query - New Comments are closed. |
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