https://www.taxtmi.com/caselaws?id=7543 Section 15C exemption was available to a newly established industrial undertaking where the machinery imported from abroad, though second-hand and reconditioned, was not shown to have been used in any business after reconditioning. The statutory bar applies only if the undertaking is formed by transfer of building, machinery or plant previously used in another business. On the facts found, the reconditioned machinery was treated as effectively new for the purpose of the exemption, so the disqualification was not attracted. en-us Tue, 25 Feb 1969 00:00:00 +0530 Wed, 25 Feb 2009 18:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7543 Section 15C exemption was available to a newly established industrial undertaking where the machinery imported from abroad, though second-hand and reconditioned, was not shown to have been used in any business after reconditioning. The statutory bar applies only if the undertaking is formed by transfer of building, machinery or plant previously used in another business. On the facts found, the reconditioned machinery was treated as effectively new for the purpose of the exemption, so the disqualification was not attracted. Case-Laws Income Tax Tue, 25 Feb 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7543