1987 (11) TMI 31 - HC - Wealth-tax

Summary

The High Court of Allahabad ruled that the assessee's share in the firms M/s. Chintamani Brothers and M/s. Kastoor Chand Munna Lal was exempt from wealth-tax under section 5(1)(xxxii) of the Wealth-tax Act, 1957. The firms were considered industrial undertakings, entitling the petitioner to the exemption. The decision was based on a previous case and no distinguishing features were identified by the Department. The judgment favored the assessee with no order as to costs.