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.
CAclubindia
