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1970 (7) TMI 15 - HC - Income TaxNew industrial undertaking - exemption - an existing business started to manufacture goods in their industry which were earlier being purchased from others - it is just reconstruction of business already in existence - tribunal was not right in holding that the steel foundry division and jute mill division set up by the assessee-company was an industrial undertaking to which section 15C of the Indian Income-tax Act, 1922, applied
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