80 IB(11A)
This query is : Resolved
RAKESH GULATI
(Querist)
16 April 2010
could you define the nature of companies entitled for deduction under above section
whether companies engaged in the business of rice mill is entitiled for deduction as the nature of the business consists of integrated business of handling , storage and transportation of food grains
whether companies engaged in the business of rice mill is entitiled for deduction as the nature of the business consists of integrated business of handling , storage and transportation of food grains
16 April 2010
80IB(11A):---
The amount of deduction in a case of an undertaking deriving profit from the integrated business of handling, storage and transportation of foodgrains, shall be hundred per cent of the profits and gains derived from such undertaking for five assessment years beginning with the initial assessment year and thereafter, twenty-five per cent (or thirty per cent where the assessee is a company) of the profits and gains derived from the operation of such business in a manner that the total period of deduction does not exceed ten consecutive assessment years and subject to fulfilment of the condition that it begins to operate such business on or after the 1st day of April, 2001.
The amount of deduction in a case of an undertaking deriving profit from the integrated business of handling, storage and transportation of foodgrains, shall be hundred per cent of the profits and gains derived from such undertaking for five assessment years beginning with the initial assessment year and thereafter, twenty-five per cent (or thirty per cent where the assessee is a company) of the profits and gains derived from the operation of such business in a manner that the total period of deduction does not exceed ten consecutive assessment years and subject to fulfilment of the condition that it begins to operate such business on or after the 1st day of April, 2001.
RAKESH GULATI
(Querist)
16 April 2010
whether companies engaged in the business of rice mill is entitiled for deduction as the nature of the business consists of integrated business of handling , storage and transportation of food grains
16 April 2010
Many are of the view that it is not entitled for deduction, but in my view it should be entitled for deduction. Opinion of other experts is also solicited.
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