1982 (8) TMI 146 - AT - Wealth-tax

Summary

The appeal was filed by the assessee against the disallowance of exemption claim under s. 5(1)(xxxi) of the WT Act. The AAC upheld the decision of the WTO, stating that the activities did not constitute manufacturing or processing. However, the ITAT Patna allowed the appeal, ruling that the conversion of logs into firewood or planks by the saw mill owned by the assessee qualified as manufacturing, entitling the assessee to the exemption under s. 5(1)(xxxi) of the WT Act.