Tax deduction under section 10B transferable on reorganisation; increased for the relevant assessment year, subject to majority voting power retention. For the assessment year beginning 1 April 2003 the deduction under section 10B is set at ninety per cent of profits from export of articles, things or computer software. Where a firm or sole proprietary concern is succeeded by a company due to reorganisation and ownership or beneficial interest transfers to the company, the deduction under sub-section (1) shall be allowed to the company as it would have been allowed to the predecessor, provided the partners' or sole proprietor's aggregate shareholding constitutes and continues as a majority of total voting power for the period of eligibility.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tax deduction under section 10B transferable on reorganisation; increased for the relevant assessment year, subject to majority voting power retention.
For the assessment year beginning 1 April 2003 the deduction under section 10B is set at ninety per cent of profits from export of articles, things or computer software. Where a firm or sole proprietary concern is succeeded by a company due to reorganisation and ownership or beneficial interest transfers to the company, the deduction under sub-section (1) shall be allowed to the company as it would have been allowed to the predecessor, provided the partners' or sole proprietor's aggregate shareholding constitutes and continues as a majority of total voting power for the period of eligibility.
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