1991 (9) TMI 20 - HC - Wealth-tax

Summary

The High Court of Allahabad ruled that the business of printing and sale of cotton sarees qualifies as an industrial undertaking under section 5(1)(xxxii) of the Wealth-tax Act, granting exemption to the assessee's interest in the firms. The decision was based on previous court rulings establishing that such businesses involve processes akin to manufacturing or processing of goods. The Tribunal's decision in favor of the assessee was upheld by the court.