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The Income Tax Appellate Tribunal allowed the assessee's claim for deduction u/s 80IA(4)(iv) of the Income Tax Act. The Tribunal held that the mere change of ownership of an existing undertaking through a slump sale would not disentitle the undertaking from the benefits u/s 80IA. The conditions prescribed u/s 80IA(3)(iii) regarding formation of an undertaking by splitting up or reconstruction of an existing business, or transfer of plant and machinery already used to a new business, were not applicable in this case. As the undertaking remained intact without any change in the plant and machinery or business, the mere change of ownership could not be a ground to deny the deduction u/s 80IA(4).
The Income Tax Appellate Tribunal allowed the assessee's claim for deduction u/s 80IA(4)(iv) of the Income Tax Act. The Tribunal held that the mere change of ownership of an existing undertaking through a slump sale would not disentitle the undertaking from the benefits u/s 80IA. The conditions prescribed u/s 80IA(3)(iii) regarding formation of an undertaking by splitting up or reconstruction of an existing business, or transfer of plant and machinery already used to a new business, were not applicable in this case. As the undertaking remained intact without any change in the plant and machinery or business, the mere change of ownership could not be a ground to deny the deduction u/s 80IA(4).
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