https://www.taxtmi.com/caselaws?id=8839 Section 15C relief for new industrial undertakings was denied where the undertaking was formed in a building previously used in another business and taken on monthly tenancy. The High Court construed "transfer to a new business of building" broadly, holding that transfer in ordinary legal sense includes a lease or monthly tenancy and is not confined to transfer of absolute ownership. The provision was applied to buildings previously used by any business, not only property earlier used by the assessee itself, so the statutory condition in section 15C(2)(i) was not satisfied. en-us Wed, 11 Oct 1972 00:00:00 +0530 Thu, 22 Jan 2026 18:14:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8839 Section 15C relief for new industrial undertakings was denied where the undertaking was formed in a building previously used in another business and taken on monthly tenancy. The High Court construed "transfer to a new business of building" broadly, holding that transfer in ordinary legal sense includes a lease or monthly tenancy and is not confined to transfer of absolute ownership. The provision was applied to buildings previously used by any business, not only property earlier used by the assessee itself, so the statutory condition in section 15C(2)(i) was not satisfied. Case-Laws Income Tax Wed, 11 Oct 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8839