https://www.taxtmi.com/caselaws?id=169590 A cotton spinning division set up with separate buildings and machinery was treated as an independent industrial undertaking, even though the assessee had an earlier silk weaving business. Common ownership, common objects, financial control, or connection with the textile trade did not make the two units one undertaking. Section 15C applied to each undertaking separately, and the spinning unit was not shown to be a reconstruction of the earlier business because the weaving business continued independently and no assets were transferred from it. The assessee was therefore entitled to the exemption for the relevant assessment year. en-us Wed, 19 Dec 1962 00:00:00 +0530 Mon, 27 Apr 2015 13:11:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169590 A cotton spinning division set up with separate buildings and machinery was treated as an independent industrial undertaking, even though the assessee had an earlier silk weaving business. Common ownership, common objects, financial control, or connection with the textile trade did not make the two units one undertaking. Section 15C applied to each undertaking separately, and the spinning unit was not shown to be a reconstruction of the earlier business because the weaving business continued independently and no assets were transferred from it. The assessee was therefore entitled to the exemption for the relevant assessment year. Case-Laws Income Tax Wed, 19 Dec 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169590