19 August 2011
One of my client wants to purchase the land, building, plant & machinery from private limited company in Poanta Sahib in Himachal Pradesh who is availing the excise exemption on the manufacturing of goods under notification no 49-50/2003 dt 10.06.2003.
The query is whether excise exemption is available to my client or not if my client purchase the land building and plant & machinery and starts production.
20 August 2011
2. The exemption contained in this notification shall apply only to the following kinds of units, namely:-
(a) new industrial units which have commenced their commercial production on or after the 7th day of January, 2003; (b) industrial units existing before the 7th day of January, 2003, but which have undertaken substantial expansion by way of increase in installed capacity by not less than twenty five per cent, on or after the 7th day of January, 2003.
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the exemption is available to new set up only, not applicable to old units taken by transfer.
24 September 2011
Now my Question is that if we purchase 100% shares from the shareholders from that company in Himachal Pradesh then whether the excise exemption is continue or not, as the exemption is available to the private limited company.
CAclubindia
