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1972 (3) TMI 9 - HC - Income TaxExemption under s. 15C of 1922 - Whether, on the facts found by the Tribunal or on record and in the circumstances of the case, the Tribunal was justified in holding that section 15C of the Indian Income-tax Act, 1922, was applicable to the new production units added to the existing production units of the assessee at Belur, Alupuram and Muri in respect of buildings, plants and machineries and directing exemption to be granted under the aforesaid section accordingly - When there is substantial expansion of business at considerable cost, the undertaking can said to have been formed by reconstruction of existing business and it is entitled to exemption - question raised must be answered in the affirmative in favour of the assessee
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