https://www.taxtmi.com/caselaws?id=8302 An industrial undertaking remained eligible for exemption under section 15C because the disqualifying test focused on whether the business was formed by transfer of previously used building, machinery or plant from any other business in India. Prior use of some imported machinery outside India did not by itself defeat the exemption. The court also held that the meaning of "new machinery" in section 10(2)(vib) did not control section 15C, as the two provisions serve different statutory purposes. The predominance of new machinery further supported qualification for the exemption, and the assessee was entitled to the benefit of section 15C. en-us Mon, 03 May 1971 00:00:00 +0530 Thu, 09 Apr 2009 11:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8302 An industrial undertaking remained eligible for exemption under section 15C because the disqualifying test focused on whether the business was formed by transfer of previously used building, machinery or plant from any other business in India. Prior use of some imported machinery outside India did not by itself defeat the exemption. The court also held that the meaning of "new machinery" in section 10(2)(vib) did not control section 15C, as the two provisions serve different statutory purposes. The predominance of new machinery further supported qualification for the exemption, and the assessee was entitled to the benefit of section 15C. Case-Laws Income Tax Mon, 03 May 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8302