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Issue ID : 4156
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Closure of Unit

Date 16 May 2012
Replies1 Answers
Views 1217 Views

Hello,

We have opened Unit in Uttaranchal under 80IC in 2007-08. 100% IT exemption was allowable upto 31.03.2012.

We have opened another unit also in Uttaranchal Under 80IC in 2010-11. 100% IT expemption will be allowable upto 31.03.2015. My queries are

1.Can we close Unit I from 1st April'2012 and shift  the transactions to Unit II for availling 100% IT expemption.

2.Can we transfer the closing stock in Unit I to Unit II from 1-4-2012.

3.Can we transfer all the other balances(debtors,Creditors) from Unit I to Unit II w.e.f 01.04.2012.

Please advice me to proceed in a better way.

Uday.

Income Tax
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Replied on May 23, 2012
1.

as per my view, there is no specific provision in case of unit transfer to other unit.  but one can do by following way to create on company and demerged the unit one to new company to claim exemption under 80IC.

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