1969 (2) TMI 33

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....y, which has been imported from abroad, is within the ambit of section 15C(2)(i) of the Indian Income-tax Act, 1922. We are of opinion that it is. The reference relates to the assessment year 1961-62. The assessee, a registered limited liability company, was primarily engaged in the manufacture of certain types of V Belts and other rubber goods used in the textile industry. During the previous yea....

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....the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the assessee was entitled to exemption under section 15C in respect of the Resilla division ? " The view of the Appellate Assistant Commissioner was that, though the machinery was second-hand, it was reconditioned and it was, therefore, as much new as any other machinery. He also considered tha....

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....ed by the splitting up or the re-construction of business already in existence or by the transfer to a new business of building, machinery or plant "previously used in any other business." The last words within quotation were substituted in 1959 for the words " used in a business which was being carried on before the first day of April, 1948 ". Resilla division is not said to be a business already....