2002 (7) TMI 31 - HC - Wealth-tax

Whether the Tribunal is right in law and on facts in holding that the assessee is entitled to exemption under section 5(1)(xxxii) of the Wealth-tax Act, 1957, in respect of her capital interest in the firm of Raja Textile Mill? - our answer to the question referred to us is in the negative, i.e., in favour of the Revenue and against the assessee.

Summary

The High Court of Gujarat ruled against the assessee's claim for exemption under section 5(1)(xxxii) of the Wealth-tax Act, 1957, in respect of her capital interest in the partnership firm of Raja Textile Mill for the assessment year 1979-80. The court held that since the partnership firm was getting goods prepared by an outside agency, it was not entitled to the exemption. The decision was in favor of the Revenue and against the assessee.