Dismissing the appeal of the revenue the Court held that ;substantial new capital was introduced in the new unit. All other requirements of S. 10AA had also been fulfilled. Hence the industrial undertaking was entitled to exemption.
CIT v. Green Fire Exports. (2018) 404 ITR 266 (Raj) (HC) CIT v. Jagdish Prasad Soni (2018) 404 ITR 266 (Raj) (HC)
S. 10AA : Special economic zones – Industrial undertaking- Investment in Plant and Machinery for new unit was substantial compared to value of machinery shifted — Entitled to exemption.