New unit must have separate and independent identity if set up by a company which is already running an industrial unit to claim benefit u/s. section 80-1B(2)(i)

RELEVANT PARAGRAPH 7.4 The reconstruction of a business or an industrial undertaking must necessarily involve the concept that the original business or undertaking is not to cease functioning, and its identity is not to be lost or abandoned. The concept essentially rests on changes but the changes must be constructive and not destructive. There must be something positive about the whole matter as opposed to negative. The underlying idea of a reconstruction evidently must be – and this is brought out by the section itself – of a `business already in existence’. There must be continuat...