The meaning of formed under section 80J of the Income Tax Act is not defined in the act itself. But we can take guidance from decisions by various high courts. Here is an excerpt of the court’s order in which the Hon’ble High Court tried to explain the meaning of formed.
Meaning of formed
The phrase ‘formed’ used in section 80J of the Income Tax Act came up before various high courts as detailed under :
1. Hon’ble Supreme Court explained the meaning of ‘formed’ while delivering judgment in Bajaj Tempo Ltd. Vs. CIT  62 TAXMAN 480 (SC) as under :
Meaning: The word ‘form’ according to the dictionary, has different meanings. In the context in which it has been used it was intended to connote that the body of the company or its shape did not come up in consequence of transfer of building, machinery or plant used previously for business purpose.
Use of the negative before word ‘formed’ further strengthens it. In other words, building, machinery or plant used previously in other business should not result in the undertaking being formed by it. The transfer to take out the new undertaking out of the purview of sub-section (1) must be such that but for transfer the new undertaking could not have come into being.
2. Hon’ble Karnataka High Court explained the meaning of ‘formed’ while delivering judgment in CIT Vs. Nippon Electronics (India) (P.) Ltd.  51 TAXMAN 187/181 ITR 518 (KAR.) as under :
Meaning: The word ‘formed’ occurring in section 80j(4)(ii) suggests that the transfer contemplated is one at the time of the formation of the new undertaking.
Section 80J of Income Tax Act
Deduction in respect of profits and gains from newly established industrial undertakings or ships or hotel business in certain cases.
80J. [Omitted by the Finance (No. 2) Act, 1996, w.r.e.f.1-4-1989.]
Updated up to Finance Act 2021