Deduction u/s 10B of Income Tax Act
This query is : Resolved
28 January 2011
A new Company claimed deduction u/s 10B (As 100% Export oriented Unit) and complied required conditions, except that it took certain old Machinery on Rent From its Sister concern and also paid Security deposit for Machinery. Company deducted TDS on such Rent of Machinery paid to sister concern. Company also purchased New Machineries of its own.
Whether taking old Machinery on Rent from sister concern is violation of condition prescribed u/s 10B and whether taking such old Machinery on Rent falls under definition of transfer as mentioned u/s 10 B ? Whether deduction claimed u/s 10B can be disallowed under such circumstances ?
Whether taking old Machinery on Rent from sister concern is violation of condition prescribed u/s 10B and whether taking such old Machinery on Rent falls under definition of transfer as mentioned u/s 10 B ? Whether deduction claimed u/s 10B can be disallowed under such circumstances ?
30 January 2011
"old Machinery on Rent falls under definition of transfer as mentioned u/s 10 B"
Ans : No.
Whether deduction claimed u/s 10B can be disallowed under such circumstances ?
Ans No
Ans : No.
Whether deduction claimed u/s 10B can be disallowed under such circumstances ?
Ans No
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