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2012 (5) TMI 8 - HC - Income TaxExemption u/s 10A - Percentage of new plant and machinery and old machinery - inclusion of plant and machinery received on returnable basis for determination of percentage - held that:- Neither in section 10A(2) nor in section 80-I, there is any requirement in law that the assessee should own the machinery before claiming the said exemption. The requirement of law is that the assessee should use the machinery or plant in the business. - In the instant case, it is not in dispute that the total value of the plant and machinery which was owned by the assessee is Rs. 44,93,797/-. - the plant and machinery which is used and transferred to the new undertaking is only Rs. 13,15,083/-, which is less than 20% of the total value of the machinery used in the business. - Decided in favor of the assessee
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