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Deduction U/s 10B

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Pardeep Jain

Pardeep Jain (Querist)
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26 October 2010 Query: As per Section 10B of Income Tax Act, - apart from other conditions mentioned in section 10B one of the condition is deduction is available only to those business which is not formed by splitting up or reconstruction. So my query is what does the word RECONSTRUCTION means? If a propritorship firm is converted into Partnership firm does this tantamount to Reconstruction? Propritorship firm created in 2003-04 and converted into partnership firm in 2004-05. Are there any case laws available on this issue?

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)
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26 October 2010 If the proprietry firm was doing the same busniss , and if it is converted in partnership firm - 10B will not be available.

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