Sec 80IC of INCOME TAX

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SUNDHARESAN (Querist)
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26 July 2010 Hai !

Can you guide me about the following query?

WHAT ARE THE CONSEQUENCES IF A COMPANY,WHICH IS IN THE 100% EXEMPTION ZONE, CLOSED ITS OPERATIONS BEFORE 5 YEAR AND COMPLETION OF 5TH YEAR OF ITS TENURE ALLOWED?

awaiting reply.

thanking you

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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26 July 2010 It's sad that the company closed its operation during the period when its profits were 100% exempt. By consequences - if you mean withdrawing of deductions granted earlier, there is no such provision.
If it restarts its business it is entitled for the deduction for remaining period which will be calculated from the initial year.

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