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Deduction u/s 80IB & 10B

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This query is : Resolved

CA Sanjay Baheti (Querist)
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10 December 2010 As the business runs under the name of proprietor and get the deduction u/s 10B for cons. 10 years.

From the 5th year, proprietor is same but the name is different.

Assessing officer denies the give deduction u/s 10B.

Assessee can get the deduction ?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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10 December 2010 In Section 10B /80IB deduction is available to an "undertaking". If name is being changed then new undertaking is coming into existence to which old plant & machinery have been transferred. He is perhaps right in doing so.

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)
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16 December 2010 If only name of the organozation is changed , i donnot think any effect on deduction u/s 10B, You please confirm whether new organistion has been established by the same proprieter by transferring the assets or some thing else.

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