https://www.taxtmi.com/caselaws?id=763320 The ITAT Hyderabad held that mere change of ownership through slump sale does not disqualify an undertaking from section 80IA(4)(iv) deduction. The tribunal distinguished between transfer of existing business undertaking versus formation of new business through splitting/reconstruction. Since the undertaking remained intact with only ownership changing from proprietorship to partnership, and no plant/machinery was transferred to new business, the assessee was entitled to the deduction. The AO's and CIT(A)'s disallowance was overturned as unjustified. en-us Wed, 27 Nov 2024 00:00:00 +0530 Tue, 17 Dec 2024 10:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763320 The ITAT Hyderabad held that mere change of ownership through slump sale does not disqualify an undertaking from section 80IA(4)(iv) deduction. The tribunal distinguished between transfer of existing business undertaking versus formation of new business through splitting/reconstruction. Since the undertaking remained intact with only ownership changing from proprietorship to partnership, and no plant/machinery was transferred to new business, the assessee was entitled to the deduction. The AO's and CIT(A)'s disallowance was overturned as unjustified. Case-Laws Income Tax Wed, 27 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763320