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Section 10 (B) Benefits

This query is : Resolved 
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(Querist)
25 September 2009 An assesse sold its assets to a independent company under slump sale , orginally the assessee was enjoying the 10 (b) benefits since 2006 .

The independent company carries the same business with the same assets and location and whether it will be entitled to 10 (B) benefits .
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
27 September 2009 No, conditions are there.

The Plant & Machinery should not have been used for any purpose in India. No depreciation should had been claimed in India.

The better planning was to introduce the new owners as shareholders.
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