Deduction u/s 80IB & 10B

[hardik damani]

As the business runs under the name of proprietor and get the deduction u/s 10B for cons. 10 years.

From the 5th year, proprietor is same but the name is different.

Assessing officer denies the give deduction u/s 10B.

Assessee can get the deduction ?

[CA Rachit Agarwal]

Query not clear...

Whether the name of the proprietor has changed or the business is being carried under some other name???

[hardik damani]

Proprietor is same but the name of the business is different.

Example. Mr. X doing the business under the name of Ackruti but after 5th year, it required the renewal of STP No. so, he renewal the STP no. under the same No. but differenct name. and Mr. X started business under the name of Balkrishna. 

It's STP Regi. no. is same. It's proprietorship so, PAN is same.

Thanking you,

AI Summary

Business Name Change Impact on Section 10B Deduction for Proprietorship with Same Owner Explained A business operating under a proprietor's name received a deduction under Section 10B for ten consecutive years. However, from the fifth year, while the proprietor remained the same, the business name changed. The assessing officer denied the deduction under Section 10B due to this name change. The query seeks clarification on whether the deduction can still be claimed. A response from a Chartered Accountant questioned whether it was the proprietor's name or the business name that changed. The original poster clarified that the business name changed, but the proprietor and registration details remained the same.