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TMI Blog2002 (8) TMI 82X X X X Extracts X X X X X X X X Extracts X X X X ..... hing the order of the Commissioner of Wealth tax passed under section 26(2) of the Wealth-tax Act, 1957?" - The word "factory" was not defined in the Finance Act of 1983. Naturally, the meaning assigned to this word in the Factories Act could be taken into account even for the purpose of wealth-tax. Under the Factories Act a cinema theatre was termed as a factory covered by the provisions of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax Appellate Tribunal was correct in holding that the cinema theatre was entitled to exemption from wealth-tax for the assessment years 1987-88 and 1988-89 and accordingly quashing the order of the Commissioner of Wealth tax passed under section 26(2) of the Wealth-tax Act, 1957?" The matter pertains to the assessment years 1987-88 and 1988-89 and the core question is whether a cinema theatre i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 of the Finance Act, 1983, which was enacted initially, any building or part thereof used by the assessee as factory, godown, warehouse, hotel or office, etc., for the purpose of assessee's business, were excluded while computing net wealth. The term 'factory' is not defined and, therefore, a liberal approach to the interpretation of this provision would permit any entity which is governed by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this word in the Factories Act could be taken into account even for the purpose of wealth-tax. Under the Factories Act a cinema theatre was termed as a factory covered by the provisions of the said Act. In our considered judgment, the Tribunal has correctly interpreted the word "factory" occurring in the Finance Act of 1983. The cinema theatre was rightly treated as a factory and given exemption f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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