Held that the new unit was a completely different and independent unit located at a separate plot adjacent to the old unit, and that therefore the assessee’s claim that the unit formed in 1998 was a new undertaking was established and that the assessee was entitled to exemption under section 10B of the Income-tax Act, 1961. The High Court affirmed the judgment of the Tribunal. On a petition for special leave to appeal dismissing the special leave petition, that the judgment of the High Court did not suffer from any error. CIIT v. Indian Aluminium Co Ltd. (1977) 108 ITR 367 (SC). (AY. 2002-03 to 2008-09)
CIT v. Sociedade De Fomento Industrial Pvt. Ltd. (2022) 443 ITR 34 / 211 DTR 305 / 325 CTR 507/ 286 Taxman 221 (SC) Editorial : Decision in CIT v. Sociedade De Fomento Industrial Pvt. Ltd. (No. 1) (2020) 429 ITR 207 (Bom)(HC) affirmed.
S. 10B: Export oriented undertakings-Reconstruction-New unit formed in 1998 fully independent with higher production capacity, located at separate plot-New undertaking-Entitled to exemption.