Textile Machinery Corporation vs The Commissioner Of Income-Tax -Supreme Court of India

Indian Income-tax Act, 1922–S. 15C(2)(i)–Scope of Tests for determining when benefit of the section available–Reconstruction–Tests for determination. Section 15C of the Indian Income-tax Act 1922, which deals with exemption from tax of newly established industrial undertakings, provides in sub-s. 2(i) that the section applies, among others, to any industrial undertaking which is not formed by the splitting up, or the reconstruction of business already in existence. The assessee (appellant) was a heavy engineering con- cern manufacturing boilers. machinery parts and wago...