https://www.taxtmi.com/caselaws?id=257715 The Court held that Section 50B of the Income Tax Act does not apply retrospectively from 01.04.2000, thus Section 80-IA does not apply to a slump sale. The conversion of a proprietary concern into a Private Limited Company justified re-opening the assessment under Section 147, disallowing the deduction claimed under Section 80-IA. The Court found the manufacturing unit eligible for deduction under Section 80-IA. However, the unit did not meet the necessary conditions for the deduction, leading to the reversal of the Tribunal's decision and restoration of the Assessing Officer's order disallowing the deduction. en-us Tue, 03 Mar 2015 00:00:00 +0530 Wed, 18 Mar 2015 16:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257715 The Court held that Section 50B of the Income Tax Act does not apply retrospectively from 01.04.2000, thus Section 80-IA does not apply to a slump sale. The conversion of a proprietary concern into a Private Limited Company justified re-opening the assessment under Section 147, disallowing the deduction claimed under Section 80-IA. The Court found the manufacturing unit eligible for deduction under Section 80-IA. However, the unit did not meet the necessary conditions for the deduction, leading to the reversal of the Tribunal's decision and restoration of the Assessing Officer's order disallowing the deduction. Case-Laws Income Tax Tue, 03 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257715