Hiring of certain machineries from sister concern not amounts to transfer for Section 80J(4)(ii)

Sundaram Non-Conventional Energy Systems Limited Vs ACIT (Madras High Court) On a plain reading of  Section 80-IA(3) would clearly show that the words “previously used” would mean actual physical use of the asset and not deemed to have been previously used. The benefit claimed by the assessee in the case on hand is a deduction under Section 80-IA, which is a deduction, which was brought to encourage industrial growth. Therefore, the correct way to interpret the words “previously used” would mean actual physical use of the asset. There was nothing brought on record by the Assessing Off...