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TMI Blog2008 (3) TMI 432X X X X Extracts X X X X X X X X Extracts X X X X ..... ned firm to mean and include successors and assigns. Held that- there was statutory transformation of the firm into the company which came into effect since March 28, 2000 by operation of law. The assessee fulfilled all the requirements of section 80-IA(4)(i). Even from the agreement entered into by the firm with the Government of Rajasthan the company as successor of the firm was entitled to the benefit of deduction. The assessee was entitled to deduction in terms of the proviso to section 80-IA(4)(i) of the Act. - 118 of 2005 - - - Dated:- 17-3-2008 - GUPTA N. P., DEO NARAYAN THANVI JJ K.K. Bissa for the appellant. Anjay Kothari for the respondent. JUDGMENT 1. This is an appeal by the Revenue, against the judgm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n enterprise which developed such infrastructure facility (hereinafter referred to in this section as the transferor enterprise) to another enterprise (hereafter in this section referred to as the transferee enterprise) for the purpose of operating and maintaining the infrastructure facility on its behalf in accordance with the agreement with the Central Government, State Government, local authority or statutory body, the provisions of this section shall apply to the transferee enterprise as if it were the enterprise to which this clause applies and the deduction from profits and gains would be available to such transferee enterprise for the unexpired period during which the transferor enterprise would have been entitled to the deduction, i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aesenti, i.e. for the relevant assessment year, and the conditions are that it is owned by a company registered in India or by a consortium of such companies, then it should have entered into an agreement with the Government or a local authority, or any other statutory body, for any specified work, and should have started work after April 1, 1995. In the present case, so far as the facts are concerned, it is not in dispute that the work of construction of roads was completed on March 27, 2000, and on and with effect from March 28, 2000, the partnership firm was converted into a company, by being registered under Part IX of the Companies Act and became a private limited company. As noticed above, the relevant previous year is April 1, 2000 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Engineer vide letter dated August 27, 1999, took note of this letter, and informed that their offer was accepted, subject to the terms and conditions specified therein. It is there-after, that an agreement was entered into between the Government and the firm, wherein the said letter of the Chief Engineer dated August 27, 1999, was considered as part of the agreement. With this, the agreement also mentions the firm, "to mean and include its successors and assigns". Thus it has been found that since incorporation of the firm into a company has the effect of statutorily vesting of liabilities and assets in the firm, and the agreement comprehends successors and assigns, it is clear that the assessee fulfils all the conditions. Then the provis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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