Deduction under section 80-1A/1B of IT Act can not be disallowed for running a new unit with some plant & machinery taken on hire

RELEVANT PARAGRAPH

5.6 The scheme of section 80-IB indicates that what is being aimed at is to prevent exemption to those industrial undertaking which are formed by the splitting up or by reconstruction or by transfer to a new business of plant or machinery of the old business. The transfer, in this context, must mean a transfer of plant or machinery which is essential for formation of new industrial undertaking and that must again mean a transfer to the new bus

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