1990 (12) TMI 40 - HC - Wealth-tax

Summary

The High Court of Allahabad ruled in favor of the assessee, stating that their interest in the firm, M/s. Sheetalaya Cold Storage, was exempt under section 5(1)(xxxii) of the Wealth-tax Act, 1957. This decision was based on the precedent set in CWT v. Nisha Gupta [1981] UPTC 440, which classified cold storage as an industrial undertaking under the Act.