https://www.taxtmi.com/caselaws?id=37333 The court ruled in favor of the assessee, M/s. Batala Engineering Co. Ltd., in Income-tax References, confirming that the new re-rolling mill constituted a new industrial undertaking eligible for exemption under Section 84 of the Income Tax Act, 1961. The court rejected the Revenue's argument that the new mill was a reconstruction, emphasizing the distinct features and separate identity of the new undertaking. The decision underscored the importance of evaluating each case's unique circumstances to determine eligibility for exemption, based on criteria such as fresh capital investment, employment, production, profits, and industrial unit identity. en-us Wed, 25 Apr 1979 00:00:00 +0530 Mon, 29 Mar 2010 11:19:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37333 The court ruled in favor of the assessee, M/s. Batala Engineering Co. Ltd., in Income-tax References, confirming that the new re-rolling mill constituted a new industrial undertaking eligible for exemption under Section 84 of the Income Tax Act, 1961. The court rejected the Revenue's argument that the new mill was a reconstruction, emphasizing the distinct features and separate identity of the new undertaking. The decision underscored the importance of evaluating each case's unique circumstances to determine eligibility for exemption, based on criteria such as fresh capital investment, employment, production, profits, and industrial unit identity. Case-Laws Income Tax Wed, 25 Apr 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37333