1975 (9) TMI 23

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.... of section 15C of the Indian Income-tax Act, 1922, and, accordingly, the assessee was entitled to exemption in respect of the profits thereof under the said provision ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the press division set up by the assessee was an 'industrial undertaking' within the meaning of section 84 of the Income-tax Act, 1961, and, accordingly, the assessee was entitled to exemption in respect of the profits thereof under the said provision ? " The assessee is a manufacturer of motor cars. In the accounting year, relevant to the assessment year 1957-58, the assessee established a new industrial unit known as " press division " in a new house for the manufac....

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....relevant facts of that case are, briefly, as follows : The assessee used to purchase raw materials from the market for manufacturing its own goods, subsequently, a new manufacturing unit was established by the assessee for producing those raw materials ; and after their production, those raw materials were used in manufacturing goods. At page, 438-439 of the report, it has been said that the expression " business already in existence " used in section 15C(2) of the Indian Income-tax Act, 1922, must necessarily mean and include the purchase of goods in the outside market, for they were used for the business of the assessee, and that it was a part of the business of the assessee to run its business and for that purpose, it was also necessary ....