No denial of Sec. 80-IB relief just because new Oil wells came into existence by use of old plant and machinery

INCOME TAX : Where assessee's oil wells had come into existence after earth digging through rigs, assessee was held to have used its oil rigs, equipments and tools for bringing into existence the new oil well / eligible undertaking than having formed the same through the old plant and machinery, thus, there was no violation of the legislative condition of use of old machinery for formation of the undertaking /oil wells as mentioned under section 800-IB(2)

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