Takeover under Section 80IC of IT

kiransingh (Chartered Accountant) (54 Points)

05 January 2009  

A proprietorship firm (manufacturing) working in SEZ( Himachal pradesh) since 2005 and enjoying the benefit of exemption u/s 80IC. now its going to takeover by a Pvt. Ltd. Co..,all the assets & liabilities has to be transfer w.e.f 01/04/2009. can anybody clarify what will be the status of exemption u/s 80IC after takeover?