STEELSWORTH LIMITED Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) INCOME-tax Ref. No. 1/63 arises out of a reference made by the ITAT, Calcutta Bench, Calcutta. The following question of law has been referred to this court for opinion:

(2.) AS the Tribunal has refused to refer certain further questions which, according to the assessee, arose out of the order of the Tribunal, on the application made before this court the Tribunal was asked to state a case. The Tribunal has thus stated the case and referred the following two questions of law for opinion to this court:

(3.) ONLY the relevant portion of the section has been quoted above. The new industry will thus be entitled to the benefit of S. 15C(1), unless it is an undertaking not formed by the splitting up, or the reconstruction, of business already in existence or by the transfer to a new business of building, machinery or plant used in a business which was being carried on before the 1st day of April, 1948.