https://www.taxtmi.com/caselaws?id=8191 Section 15C(2)(i) was construed as denying exemption only where a new industrial undertaking arose from splitting up, reconstruction, or transfer of plant or machinery previously used in another business. The High Court held that "transfer" in this context meant movement of used machinery from the assessee's own old business to the new undertaking, not a purchase of second-hand machinery from the open market. On that interpretation, acquisition of a second-hand steam engine did not disqualify the assessee, and the exemption was available. en-us Wed, 17 Apr 1968 00:00:00 +0530 Thu, 02 Apr 2009 17:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8191 Section 15C(2)(i) was construed as denying exemption only where a new industrial undertaking arose from splitting up, reconstruction, or transfer of plant or machinery previously used in another business. The High Court held that "transfer" in this context meant movement of used machinery from the assessee's own old business to the new undertaking, not a purchase of second-hand machinery from the open market. On that interpretation, acquisition of a second-hand steam engine did not disqualify the assessee, and the exemption was available. Case-Laws Income Tax Wed, 17 Apr 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8191