https://www.taxtmi.com/caselaws?id=38968 A separately established press division with its own premises, new plant and machinery, and separate books of account was treated as a new industrial undertaking, not as a reconstruction or splitting up of an existing business. The relevant exemption was available because the unit satisfied the statutory conditions that no previously used building, machinery or plant had been transferred and that the new set-up operated as a distinct industrial unit. Its output being used internally as a component in the assessee's own motor cars did not alter that character, since the unit replaced outside purchases with in-house manufacture on a broad commercial view. en-us Tue, 16 Sep 1975 00:00:00 +0530 Sat, 10 Apr 2010 16:10:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38968 A separately established press division with its own premises, new plant and machinery, and separate books of account was treated as a new industrial undertaking, not as a reconstruction or splitting up of an existing business. The relevant exemption was available because the unit satisfied the statutory conditions that no previously used building, machinery or plant had been transferred and that the new set-up operated as a distinct industrial unit. Its output being used internally as a component in the assessee's own motor cars did not alter that character, since the unit replaced outside purchases with in-house manufacture on a broad commercial view. Case-Laws Income Tax Tue, 16 Sep 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38968