1979 (5) TMI 98 - AT - Wealth-tax

Summary

The appeal contested the disallowance of exemption under s. 5(1)(xxxii) of the WT Act in computing the assessee's net wealth. The firm was found to be engaged in the business of manufacturing and selling handloom sarees, entitling the partner to the exemption. The appeal was allowed. (Case: Appellate Tribunal ITAT MADRAS-B, Citation: 1979 (5) TMI 98 - ITAT MADRAS-B)