Is the benefit of 80-IA available to a second buyer on sale by original owner ?Hello All,
If a investor wishes to invest in a existing windmill by buying the windmill from an existing owner :
a. Does the benefit of 80-IA be extended to the investor i.e. second buyer ?
b. If yes, will the second buyer be entitled for full 10 Year tax holiday OR will he be eligible only for the balance of period unavailed by the original owner ?
Please also reference any case laws in this regard if available.
Thanking In Advance.
Rgds
Bala FCA., LL.B.
Menu
Is the benefit of 80-ia available to a second buyer on sale
Replies (1)
Your query is presumed to be in the context of a wind power generating company. Sub Section 3 of 80IA lays down the first two conditions for eligibility which applies to facilities falling under clause (ii) or clause(iv) of Sub section 4 i.e Telecom companies and Power companies
1. the undertaking is not formed by splitting up or reconstruction of existing business and
2. it is not formed by transfer of any machinery or equipment previously used for any purpose.
If your case is hit by either of the above conditions, u cannot claim 80IA
Recent Topics :
- TDS filing for the 1st quarter of TY 2026-27
- Login into Old Traces Portal
- Professional Income reporting in ITR-3
- Pf exemption in hand of spouse on demised of husba
- Missed deadline to revise ITR for a foreign asset
- Durga Puja 2026 Dates: Mahalaya, Shashthi to Vijay
- Indo-MIM IPO Allotment Date, Status Check and List
- GSTR 1 filed but GSTR 3 B no filed
- ITR FORM FILING REGARDS
- TDS JUSTIFICATION REPORT
Related Topics :
CAclubindia
