https://www.taxtmi.com/caselaws?id=210593 The Tribunal upheld the claim of a partnership firm for deduction under Section 80-IC of the Income Tax Act, 1961, following its conversion from a proprietorship concern. The Tribunal ruled that the successor partnership firm was entitled to the deduction for the unexpired period, emphasizing that the change in ownership did not disqualify the firm from claiming the benefit under Section 80-IC. The Tribunal's decision was affirmed on appeal, dismissing the revenue's challenge and emphasizing that the deduction was meant for the undertaking, not the owner, irrespective of changes in ownership structure. en-us Wed, 24 Aug 2011 00:00:00 +0530 Thu, 16 Feb 2012 09:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210593 The Tribunal upheld the claim of a partnership firm for deduction under Section 80-IC of the Income Tax Act, 1961, following its conversion from a proprietorship concern. The Tribunal ruled that the successor partnership firm was entitled to the deduction for the unexpired period, emphasizing that the change in ownership did not disqualify the firm from claiming the benefit under Section 80-IC. The Tribunal's decision was affirmed on appeal, dismissing the revenue's challenge and emphasizing that the deduction was meant for the undertaking, not the owner, irrespective of changes in ownership structure. Case-Laws Income Tax Wed, 24 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210593