26 October 2010
Query: As per Section 10B of Income Tax Act, - apart from other conditions mentioned in section 10B one of the condition is deduction is available only to those business which is not formed by splitting up or reconstruction. So my query is what does the word RECONSTRUCTION means? If a propritorship firm is converted into Partnership firm does this tantamount to Reconstruction? Propritorship firm created in 2003-04 and converted into partnership firm in 2004-05. Are there any case laws available on this issue?
CAclubindia
