Applicability of section 10A

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Manikanta Raju CA,CWA,(CS) (Querist)

21 December 2009 What is the applicabilty of exemption u/s 10A for a company which was amalgamated with another company?

Very urgent please help me out.

Thanbks in advance...

veena

veena (Expert)

21 December 2009 Ref sub sec 7A of sec 10A.No deduction will be allowed to amamlgated co. in the year of amalgamation but it will be allowed to amalgamating co.

Manikanta Raju CA,CWA,(CS)

Manikanta Raju CA,CWA,(CS) (Querist)

21 December 2009 Can any body explain in detail

Barun Kumar Ghosh

Barun Kumar Ghosh (Expert)

22 December 2009 Section 10A(7A) provides that if the undertaking of an Indian company eligible for deduction under section 10A is transferred to another Indian company in a scheme of amalgamation , then the deduction will not be available to the amalgamating company (i.e. the transferor company )for the previous year in which the amalgamation takes place. Rather the transferee company i.e. the amalgamated company shall be entitled to claim deduction for that previous year and the subsequent previous year subject to the sunset clause i.e. upto assessment year 2011-12.

Manikanta Raju CA,CWA,(CS)

Manikanta Raju CA,CWA,(CS) (Querist)

22 December 2009 Thank you Barun kumar ghosh

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