Agreement for transfer of operations and movable assets not a ground to deny exemption u/s 11 and 12: ITAT

ITAT ruled that an agreement for the transfer of operations and movable assets should not be grounds for denying tax exemptions. The ruling came in the context of a tax dispute, where the transfer of assets was being questioned by the tax authorities. The ITAT clarified that such transfers, if done properly, should not impact eligibility for tax exemptions. This decision ensures that businesses can transfer operations without fearing the loss of tax benefits, provided the transaction is legitimate. It provides clarity for companies involved in similar asset transfers, helping them avoid unnecessary tax liabilities.