https://www.taxtmi.com/caselaws?id=39833 The court upheld the decision of the Income-tax Appellate Tribunal, ruling in favor of the assessees, M/s. Devson Ltd. and M/s. Kashmir Fruit and Chemical Industries Ltd., regarding tax rebate eligibility under section 84 of the Income-tax Act. It was determined that the formation of the new company constituted a new business entity, qualifying for the tax holiday benefits. The judgment emphasized the distinction between sale and reconstruction under section 84, affirming that the new company's establishment through purchase constituted a new undertaking eligible for tax benefits. en-us Tue, 02 Apr 1974 00:00:00 +0530 Sun, 02 May 2010 22:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39833 The court upheld the decision of the Income-tax Appellate Tribunal, ruling in favor of the assessees, M/s. Devson Ltd. and M/s. Kashmir Fruit and Chemical Industries Ltd., regarding tax rebate eligibility under section 84 of the Income-tax Act. It was determined that the formation of the new company constituted a new business entity, qualifying for the tax holiday benefits. The judgment emphasized the distinction between sale and reconstruction under section 84, affirming that the new company's establishment through purchase constituted a new undertaking eligible for tax benefits. Case-Laws Income Tax Tue, 02 Apr 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39833