Slump Sale
This query is : Resolved
Santhosh Poojary
(Querist)
04 December 2010
A co., is going for slump sale of the entire Undertaking. It used to claim deduction u/s 80IB.
Now whether the transferee co., can claim the deduction u/s 80IB ?
Sec 80IB specifies only amalgamation or demerger's as the eligible for deduction
Now whether the transferee co., can claim the deduction u/s 80IB ?
Sec 80IB specifies only amalgamation or demerger's as the eligible for deduction
Santhosh Poojary
(Querist)
04 December 2010
.
Santhosh Poojary
(Querist)
04 December 2010
.
CA PARAS BAFNA
(Expert)
05 December 2010
Section 80-IB
Sub-section (2)
This section applies to any industrial undertaking which fulfills all the following conditions , namely :-
(ii) it is not formed by the transfer to a new business of machinery or plant previously used for ANY purpose.
ANY purpose covers all including use in 80IB.
So transferee co., can not claim deduction u/s 80IB.
Sub-section (2)
This section applies to any industrial undertaking which fulfills all the following conditions , namely :-
(ii) it is not formed by the transfer to a new business of machinery or plant previously used for ANY purpose.
ANY purpose covers all including use in 80IB.
So transferee co., can not claim deduction u/s 80IB.
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Santhosh Poojary
(Querist)
06 December 2010
Thanks you sir.
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