ITAT Denies Section 80-IB Deduction for Using Old Machinery in Business Reconstruction, Promotes New Industrial Undertakings Only.

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....Deduction u/s 80-IB - reconstruction of a business already in existence - assessee setting up of an industrial unit by purchase of old/used plant and machinery defeat the entire purpose of allowing deductions u/s 80-IB - ITAT has rightly denied the deduction - HC....