https://www.taxtmi.com/caselaws?id=400340 Deduction under section 80IB of the Income-tax Act was available because the undertaking was shown to have begun manufacturing in March 2002, supported by excise returns, sales tax returns and invoices for new plant and machinery. The statutory bar against reconstruction of an existing business did not apply, as the earlier proprietary concern had not carried on any business activity and the assessee had only taken over the undertaking and leasehold rights. The fact that the final factory licence had not yet been issued did not postpone commencement of manufacture, having regard to sections 6 and 7 of the Factories Act, 1948. The disallowance was therefore unsustainable. en-us Mon, 02 Nov 2020 00:00:00 +0530 Mon, 04 Oct 2021 18:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400340 Deduction under section 80IB of the Income-tax Act was available because the undertaking was shown to have begun manufacturing in March 2002, supported by excise returns, sales tax returns and invoices for new plant and machinery. The statutory bar against reconstruction of an existing business did not apply, as the earlier proprietary concern had not carried on any business activity and the assessee had only taken over the undertaking and leasehold rights. The fact that the final factory licence had not yet been issued did not postpone commencement of manufacture, having regard to sections 6 and 7 of the Factories Act, 1948. The disallowance was therefore unsustainable. Case-Laws Income Tax Mon, 02 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400340