SLUMPSALE OF SEZ
This query is : Open
25 August 2009
IF SLUMPSALE OF SEZ TAKES PLACE AND THE BUYER CONTINUES WITH THE SAME BUSINESS OF THE UNDERTAKING BEFORE THE SALE. WILL THE BUYER OR THE NEW OWNER ALLOWED TO CLAIM THE EXEPTION U/S 10AA OR/AND DEDUCTION U/S 80I?
26 August 2009
In my opinion if the case can neither be defined as amalgamation nor be defined as a demerger then it will be hit by Section 10AA(4)(iii) which says that the unit is not formed by the transfer to a new business, of machinery or plant previously used for any purpose. "Any" purpose covers "for the purpose of section 10AA" itself.
From the above it can be concluded that the
new unit would not be eligible for exemption/ deduction.
From the above it can be concluded that the
new unit would not be eligible for exemption/ deduction.
27 August 2009
Thank u very much for ur imprompt reply.but the buyer is altogether a new person, then the deduction section of 80i will be applicable to him?
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