9911796707
TMI Blog2015 (3) TMI 649X X X X Extracts X X X X X X X X Extracts X X X X ..... he Act') is not applicable with retrospective effect from 01.04.2000 and therefore, the provisions of Section 80-IA of the Act are also not applicable to the facts of the case, inasmuch as the entire business undertaking was transferred as an ongoing concern with the whole assets and liabilities comprising therein to the respondent herein with effect from 01.01.1996; it was a slump sale as per the agreement and therefore, it was not chargeable for the capital gain tax. 2. The assessee - M/s.B.P.C.Desai was a proprietary concern and later on, it was converted into a Private Limited Company under the name and style "M/s.Industrial Hydraulics Pvt. Ltd." For the assessment year 1995-1996, return was filed under Section 143(1)(a) of the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Thereafter, the appellate authority, by order dated 04.07.2005, dismissed appeals - ITA Nos.390 and 391/BGM of 2003-2004 filed by the assessee and being aggrieved by the order of the first appellate authority dated 04.07.2005, the assessee preferred ITA Nos.179 and 181/PANJ/2005 in respect of the Assessment years 1995- 1996 and 1996-1997 and ITA Nos.180 and 184/PANJ/2005 in respect of the assessment year 1996-1997 and 1997-1998 before the Tribunal. 4. The Tribunal after considering the material on record came to the conclusion that the unit established in Shed No.C-54 was a 'new unit' and the assessee was manufacturing hydraulic products of higher capacity and different sizes from the assessment year 1995-96 and therefore, the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 80-IA of the Act which has been set aside by the Tribunal by the impugned order. Thus, among other grounds, learned counsel prays for allowing the appeal. 8. Respondent though served has remained unrepresented. We have perused the order dated 12.08.2011 passed by this Court in ITA No.480/2007 and connected appeals and respectfully agree with the view taken by the Bench. 9. In order to claim deduction under Section 80-IA of the Act, assessee has to satisfy the following requirements: i) Industrial undertaking must be set up on or after 01.04.1991 and before 31.03.1995. ii) Industrial undertaking is not formed by splitting up or reconstruction of a business already in existence (subjected to certain other conditions as specified in Sect ..... X X X X Extracts X X X X X X X X Extracts X X X X
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