An undertaking can continue to enjoy tax holiday even if the ownership changes

Brief : Where an undertaking existed in the same place, form and substance and did carry on the same business before and after the change in legal character of the form of organization, the taxpayer is eligible for deduction. Citation : Income Tax Officer, Bangalore Vs. GXS Technology Center (Pvt) Ltd. (ITA No. 616(Bang)/ 2009) Court : ITAT Bangalore Facts · The taxpayer was engaged in the business of design, development and testing of software. · It acquired an undertaking from GE India Technology Center consisting of fixed assets, employees, customers, liabilities, obligations and others a...