https://www.taxtmi.com/caselaws?id=8006 Section 15C exemption required proof of a genuinely new industrial undertaking that was commercially separate and not formed by splitting up, reconstruction, or mere expansion of an existing business. The steel foundry division and the jute mill division failed that test because each mainly supplied the assessee's existing business and replaced outside purchases; separate machinery, premises, accounts, or an industrial licence were not enough. Wealth-tax paid during the accounting year was also not allowable as a deduction in computing business profits. All three questions were answered in favour of the Revenue. en-us Thu, 09 Jul 1970 00:00:00 +0530 Thu, 26 Mar 2009 19:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8006 Section 15C exemption required proof of a genuinely new industrial undertaking that was commercially separate and not formed by splitting up, reconstruction, or mere expansion of an existing business. The steel foundry division and the jute mill division failed that test because each mainly supplied the assessee's existing business and replaced outside purchases; separate machinery, premises, accounts, or an industrial licence were not enough. Wealth-tax paid during the accounting year was also not allowable as a deduction in computing business profits. All three questions were answered in favour of the Revenue. Case-Laws Income Tax Thu, 09 Jul 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8006