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1 - 6 of 6 (0.22 seconds)The Commissioner Of Income-Tax, New ... vs Hindustan General Industries Ltd. on 10 February, 1981
(i) it is not every alteration in the mode, method or scope of the activities of s
business end it is not every transfer of assets from the unit to another that will
involve 'reconstruction'. CIT v, Hindustan General industries Ltd., (1982) 137 ITR
851 (Dei), (ii) reconstruction is rejuvenation or rehabilitation of an existing
undertaking. The original business or undertaking continues to exist without its
identity being lost. Kerala State Cashew Development Corporation -vs.- CIT
(1994) 205 ITR 19 (Ker.), (iii) in the reconstruction of a business, as in the
reconstruction of a company, there is no element of transfer of assets and some
change, however, partial or restricted it may be, of ownership of the assets. The
transfer, however, need not be of all the assets. It is nonetheless imperative that
there should be continuity and preservation of the old undertaking though in an
altered form. The concept of reconstruction of business would not be attracted
when a company which is already running are industrial unit sets up another
industrial unit.
Commissioner Of Income-Tax vs Ganga Sugar Corporation on 29 March, 1971
(iii) in the construction of a business, as in the reconstruction of a company, there is an element
of transfer of assets and some change, however, partial or restricted it may be, of ownership of
the assets. The transfer, however, need not be of all the assets, it is nonetheless imperative that
there should be continuity and preservation of the old undertaking though in an altered form. The
concept of reconstruction of business would not be attracted when a company which is already
running are industrial unit sets up another industrial unit CIT v. Ganga Sugar Corporation Ltd.,
(1973) 92 ITR 173 (Dei.) (iv) in interpreting these express/on 'New industrial undertaking' and
'splitting up, or reconstruction of a business already in existence' the purpose of the provision,
i.e., to encourage the setting up of new industry must be borne in mind.
Section 147 in The Income Tax Act, 1961 [Entire Act]
Section 148 in The Income Tax Act, 1961 [Entire Act]
Engineering Analysis Centre Of ... vs The Commissioner Of Income Tax on 2 March, 2021
Though every case must
depend upon its own peculiar facts, a broadly correct solution can be arrived at by asking to two
question', first whether there was any activity in the existing business which could have been
reconstructed and could have assumed a new form on such reconstruction; and second, whether
the nature of the business which has assumed a new form as a result of the change which is
introduced is the same as the nature of the business which was existing before the change was
introduced, if either of these two question is answered in the negative, it would mean, prime facie,
there is no 'reconstruction' Nagardas Bechardas Brothers pvt. Ltd, v. CIT (1976) 104 ITR 255
(Guj.). From the above it is seen the different meaning of the term 'reconstruction' in the different
context. As far as Section 10A(2)(ii) is concerned, the meaning of 'reconstruction' is as discussed
hereinabove.
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