Sec. 2(29C) Industrial undertaking i. In CIT v. Textile Machinery Corporation (1971) 80 ITR (436-37) it was observed that: Industrial undertaking therefore would normally be in its ordinary acceptation, some industrial concern or enterprise or adventure which is undertaken to be done by the person concerned. Whether the industrial undertaking covers a complex of ideas both physical and non-physical and we will not choose one at the cost of the other. It is a complex of ideas and methods of practical execution and, therefore, must necessarily involve both tangible and intangible consideration."