1991 (2) TMI 44 - HC - Wealth-tax

Summary

The High Court of Allahabad held that a firm engaged in printing and selling cotton sarees qualifies as an industrial undertaking under the Wealth-tax Act, granting it exemption from wealth tax. The decision was based on a previous ruling in CWT v. Radhey Mohan Narain [1982] 135 ITR 372. The question was answered in favor of the assessee and against the Revenue.