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TMI Blog2019 (4) TMI 1392X X X X Extracts X X X X X X X X Extracts X X X X ..... ny purpose? - HELD THAT:- The unit in question was transferred as going concern, entire business was transferred to the new owner who claimed continued benefit under Section 10A of the Act. This issue is squarely covered by the decision of Division Bench of this Court in the case of CIT Vs. Sonata Software Ltd. [ 2012 (4) TMI 99 - BOMBAY HIGH COURT] as held that sale of business was not a reco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not be formed by the transfer to a new business of machinery and plant previously used for any purpose? 3. Respondent assessee in the return of income filed for the assessment year 2008-09 had claimed deduction under Section 10A of the Income Tax Act ( the Act for short) which the Assessing Officer denied on the ground that the undertaking was formed by the transfer to a new b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A) has given a finding of fact that the transfer of the undertaking was as a going concern at its book value and same business which was already in existence continued even after change of ownership from Private Limited Company to Partnership Firm. There was continuation of some business activities with some undertaking. The Hon ble jurisdictional High Court on similar issue and circumstanced has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as transferred as going concern, entire business was transferred to the new owner who claimed continued benefit under Section 10A of the Act. This issue is squarely covered by the decision of Division Bench of this Court in the case of CIT Vs. Sonata Software Ltd. [2012] 343 ITR 397 (Bom) It was held that sale of business was not a reconstruction within the meaning of Section 10A of the Act. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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