https://www.taxtmi.com/caselaws?id=5372 Section 15C, an incentive provision, must be construed liberally so as not to defeat industrialisation. The disqualifying transfer of previously used building, machinery or plant applies only where the new industrial undertaking is formed by such transfer in substance, not where old assets are merely used incidentally or nominally. Leasing premises and using minor previously used tools and implements did not, on the facts stated, make the undertaking a re-formed business or trigger the statutory bar. The assessee therefore remained entitled to partial exemption under section 15C. en-us Fri, 24 Apr 1992 00:00:00 +0530 Fri, 24 Oct 2025 16:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5372 Section 15C, an incentive provision, must be construed liberally so as not to defeat industrialisation. The disqualifying transfer of previously used building, machinery or plant applies only where the new industrial undertaking is formed by such transfer in substance, not where old assets are merely used incidentally or nominally. Leasing premises and using minor previously used tools and implements did not, on the facts stated, make the undertaking a re-formed business or trigger the statutory bar. The assessee therefore remained entitled to partial exemption under section 15C. Case-Laws Income Tax Fri, 24 Apr 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5372