15 September 2022
In Section 80jjaa deduction is not available in case - The business is not acquired by the assessee by way of transfer from any other person or as a result of any business reorganisation
If Co is formed by splitting of Co in 2010 then this condition is applicable for deduction as there is no time limit in section.
15 September 2022
The condition is applicable only after introduction of the section as per Finance act, 2016. So, for any reorganization in 2010 should not affect the claim from AY 2017-18 or there after.
15 September 2022
As at the time of introduction of the sub-sec, the split company existed. In other words the company has not been organized after the introduction of the rule... As per simple reading of the section, all the companies existing on the date of the introduction of section were eligible for the deduction, but not after the re-organization that would have taken place after 1st April, 2016.
CAclubindia
