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.)
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS 194-T applicability
- Fixe term employment
- Is any professional CA is here please reply
- GST ITC REVERSE
- Consolidated financials
- Withdrawal in cash from partners capital account by partner
- TDS on Complimentary "Desi Ghee and Gold Coin" Provided to KBC Contestants
- TDS on TRUST
- Regarding Applicability of Tax Audit u/s 44AB
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
