Dismissing the appeal of the revenue the Court held that ; firm which is entitle to exemption merged with another firm which is entitle to exemption. Accordingly the new firm is entitle to exemption. Referred Circular No. 1 of 2013, dated January 17, 2013 ([2013] 350 ITR (St.) 34), granted deduction to the undertaking. Therefore, as long as the undertakings remained eligible for deduction under section 10B of the Act, the deduction could not be denied merely on the ground that there had been a merger of the firms which owned the undertakings. (AY.2010-11)
CIT v. Trident Minerals.( 2018) 100 taxman.com 161 / (2019) 413 ITR 461 (Karn.)(HC) Editorial: SLP is granted to the revenue CIT v. Trident Minerals ( 2019) 265 Taxman 556 (SC)
S. 10B : Export oriented undertakings-Undertaking-Merger of two firms- Firm which is entitle to exemption merged with another firm which is entitle to exemption-New firm is entitle to exemption. [S. 10B(9), 10B(9A)]