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Exemption under Section 10B of Income Tax Act not available to an Industrial undertaking taken over on lease
Case Law Details
- Case Name
- Synergies Casting Ltd. Vs. DCIT (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2006- 07
- Courts
- All ITAT, ITAT Hyderabad
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Hyderabad bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of Synergies Casting Ltd. Vs. DCIT (ITA No. 864 & 1364/Hyd/2010) held that exemption under Section 10B of the Income-tax Act, 1961 (the Act) is not available to an undertaking taken over on lease. Further, the Tribunal held that in order to get the benefit of Section 10B of the Act, for the unexpired period, the taxpayer must prove that it is a successor to the predecessor company. Since the taxpayer was only a lessee it was not a successor to the lessor.
Background
Sub-section 2 to section 10B states that bene...
