1999 (4) TMI 35 - HC - Income Tax

Summary

The High Court of Madras ruled that a firm engaging weavers to manufacture goods cannot be considered an industrial undertaking for tax purposes under section 5(1)(xxxii) of the Wealth Tax Act. The court found that the weavers, not the firm, were engaged in manufacturing, and therefore the firm was not eligible for the tax benefit. The judgment favored the Revenue.