Dismissing the appeal of the assessee the Court held that the assessee-company was formed substantially with the plant and machinery of STPL, which was its sister concern. The Tribunal was justified in holding that the assessee was not entitled to the benefit under section 10B(2). (AY.2004-05)
Stabilix Solutions (P.) Ltd. v. ITO (2019) 412 ITR 82 (Ker.)(HC)
S. 10B : Export oriented undertakings-New undertaking using building and machinery on lease from sister concern—”Transfer” Includes Lease—Not entitled to exemption.