Exemption u/s 10aa
This query is : Resolved
23 August 2011
IS EXEMPTION U/S 10AA EFFECTS BECAUSE OF CHANGE IN CONSTITUTION OF PARTNERSHIP FIRM
23 August 2011
Exemption U/s 10AA -
Reconstruction does not cover changes in the firm's constitution or small changes in the composition of ownership of the business of the firm.
Reconstruction has to be seen from the angle of business activity.
When One partner retires and remaining partners carry on the undertaking, it does not amount to reconstitution of firm.
You may refer the following case law also- Abid &Co. Steel (P.) LtdV CIT (2003)SOT 605 (Mum.)
Reconstruction does not cover changes in the firm's constitution or small changes in the composition of ownership of the business of the firm.
Reconstruction has to be seen from the angle of business activity.
When One partner retires and remaining partners carry on the undertaking, it does not amount to reconstitution of firm.
You may refer the following case law also- Abid &Co. Steel (P.) LtdV CIT (2003)SOT 605 (Mum.)
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