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2013 (12) TMI 192 - AT - Income TaxIndustrial undertaking - Applicability of section 80IA (3)(ii) – Whether the new industrial undertaking can be formed by the transfer to a new business of machinery or plant previously used for any purpose u/s 80IA (3)(ii) of the Income Tax Act - Held that:- The assessee had earlier sold the business the windmill plant stood transferred to its sister concern. The sister concern leased back the windmill to the assessee - The assessee had also produced wind power in the year 2003 - As per section 80IA(3)(ii), once the machinery or plant previously used for 'any purpose' is transferred to a new business, the concerned undertaking is not entitled for deduction - Decided against assessee.
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