https://www.taxtmi.com/caselaws?id=17191 The Court held that hiring machinery from a sister concern did not amount to a transfer under section 80J(4)(ii) of the Income Tax Act, 1961. The Tribunal's order denied relief under section 80J for the business of slate and timber, determining that hiring machinery did not meet the conditions for transfer. The Court emphasized the importance of the word "formed" over "transfer" in the section, ultimately concluding that in this case, hiring machinery did not constitute a transfer for the new undertaking. en-us Fri, 29 Nov 1996 00:00:00 +0530 Tue, 15 Sep 2009 17:26:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17191 The Court held that hiring machinery from a sister concern did not amount to a transfer under section 80J(4)(ii) of the Income Tax Act, 1961. The Tribunal's order denied relief under section 80J for the business of slate and timber, determining that hiring machinery did not meet the conditions for transfer. The Court emphasized the importance of the word "formed" over "transfer" in the section, ultimately concluding that in this case, hiring machinery did not constitute a transfer for the new undertaking. Case-Laws Income Tax Fri, 29 Nov 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17191