28 November 2016
If a partnership firm having some of its common partners in its holding private company, gets separatedfrom that company, then can it claim it's own new excise limit of 1.5 crore?
30 November 2016
Yes if the new firm is separate from the earlier. A partner can do business and create as many firms as he wish to. But in case of common partners in each firm - the exemption available only for one.
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