Deduction U/s 80IB(11)
This query is : Resolved
05 October 2007
My client is engaged in the business of processing of rice and wants to avail deduction u/s 80IB(11) on account of storage , handling and transportation of food grains such as rice
07 October 2007
Your question is applicability of sec 80IB(11A) to rice mill i.e. processing of rice. The section presupposes an integrated business of handling, storage and transportation of food grains. Business of rice mill is dehusking of paddy in to rice, offcourse, it may involve handling, storage and transportation of rice i.e. foodgrain. literally the main activity of rice mill is to process paddy into rice but not for handling, storage and transportation of food grain. The intention of the legilature is not met by rice mill. Hence it is not eligible for deduction u/s80IB(11A).
10 October 2007
Thanks for your information sir.
03 January 2008
i REQUEST YOU TO PLEASE RECHECK AS SOME COMPANIES ARE CLAIMING DEDUCTION
04 January 2008
REQUEST YOU TO PLEASE RECHECK AS SOME COMPANIES ARE CLAIMING DEDUCTION
09 September 2008
I am also in the view of Mr. Mallidi Ramabrahmananda Reddy. If the company is claiming under this section, it will be questioned by IT in future.
27 October 2008
Rice mill is not eligible for deduction u/s80IB(11A)...
**DM
**DM
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