https://www.taxtmi.com/caselaws?id=96475 Section 15C relief was available because the company was not formed by splitting up or reconstructing an existing business. The transaction was a genuine sale of the vendor firm's assets, plant, machinery, furniture, tools and goodwill; debts, liabilities and outstandings were not taken over, and the vendor's business ceased after the sale. Reconstruction requires continuity of the same business by substantially the same persons in altered form, which was not shown on these facts. The company was therefore entitled to the exemption claimed under section 15C. en-us Fri, 03 Oct 1958 00:00:00 +0530 Fri, 23 Dec 2011 11:33:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96475 Section 15C relief was available because the company was not formed by splitting up or reconstructing an existing business. The transaction was a genuine sale of the vendor firm's assets, plant, machinery, furniture, tools and goodwill; debts, liabilities and outstandings were not taken over, and the vendor's business ceased after the sale. Reconstruction requires continuity of the same business by substantially the same persons in altered form, which was not shown on these facts. The company was therefore entitled to the exemption claimed under section 15C. Case-Laws Income Tax Fri, 03 Oct 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96475