Exemption u/s 10aa

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Viral Jethalal Saliya

Viral Jethalal Saliya (Querist)
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23 August 2011 IS EXEMPTION U/S 10AA EFFECTS BECAUSE OF CHANGE IN CONSTITUTION OF PARTNERSHIP FIRM

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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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.)

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