TaxTMI 
TaxTMI 
Exemption u/s 80IC
X X X X Extracts X X X X
X X X X Extracts X X X X
....xemption u/s 80IC<br> Query (Issue) Started By: - Amrish Gupta Dated:- 10-1-2012 Last Reply Date:- 11-1-2012 Income Tax<br>Got 3 Replies<br>Income Tax<br>Our asseese is running a factory claiming exem....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ption u/s 80IC .Our asseese is a sole prop. Now our assesse has decide to convert his sole prop. in to partnership firm. Exemption period u/s 80IC is yet to be finished. Now my queery is whether the n....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ew partnership firm is eligible to enjoy the expemtion u/s 80IC for the remaining period or not. Reply By r.rajkumar kumar: The Reply: according to the Section 80IC it never says convert of the comp....
X X X X Extracts X X X X
X X X X Extracts X X X X
....any it says it should not be the extention of the present company hence i think convert may be permited and eligible to claim u/s 80IC since the business is in the same exemption area. Reply By deep....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ak gulati: The Reply: The section speaks about undertaking and not Assessee, hence will be permitted. Reply By Amrish Gupta: The Reply: I had a talk with Dr. Girish Ahuja, he said the constitution of....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... the asseese hasbeen changed with this conversion. So the new partnership firm is not eligible to claim the balance period expemtion. Now by considering yours views & Mr. ahuja's views sitution is now....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... contradictory.............please help to overcome this............<br> Discussion Forum - Knowledge Sharing ....