Dismissing the appeal of the revenue the Court held that , new printing press is neither formed by splitting up of original news paper business nor it is a case of reconstruction of existing business. An amount of Rs.44, 35, 107 was invested in addition to fixed assets on account of acquisition of new machinery , thus it is a new industrial unit and not the expansion of the existing industry , therefore the assessee is entitle to deduction. ( AY.2009-10)
CIT v. Bansi Lal Gupta ( 2018) 300 CTR 332 ( J& K) (HC)
S. 80IB : Industrial undertakings – Splitting up or reconstruction-Printing press- New industrial undertaking of printing press is not the expansion of existing unit, hence entitle to deduction.