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TMI Blog2000 (11) TMI 13X X X X Extracts X X X X X X X X Extracts X X X X ..... ribunal that when the owner of the industrial undertaking leased out the machinery he is to be granted the benefit of exemption of the value of such machinery provided for in section 5(1)(xxxi) of the Wealth-tax Act, 1957, during the assessment years 1978-79 and 1979-80. The assessee is a Hindu undivided family which owns machinery used for oil extraction. The machinery was leased out by it to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... art of an industrial undertaking belonging to the assessee. Explanation.-For the purposes of clause (xxxa), this clause, clause (xxxii) and clause (xxxiv), the term 'industrial undertaking' means an undertaking engaged in the business of generation or distribution of electricity or any other form of power or in the construction of ships or in the manufacture or processing of goods or in mining." ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t require that the owner himself should run the undertaking or use the machinery forming part of the industrial undertaking himself. So long as it can be said that the assessee is the owner of the industrial undertaking, the industrial undertaking is to be regarded as one belonging to the assessee. Learned counsel for the Revenue, however, contended that this court in the case of CWT v. P.T.N. S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... put the land to use as a salt pan. The lessee of the land in such circumstances can be regarded as the one to whom the industrial undertaking belongs. Though some of the observations found in the judgment may tend to support the proposition canvassed by the Revenue, the observations must be read in the context of the facts which were required to be dealt with in that case. That case is clearly dis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... idence of ownership. The emphasis is therefore on the ownership part of the industrial undertaking of which the asset forms a part. Learned senior counsel for the assessee invited our attention to the decision of the Allahabad High Court in the case of CWT v. V. Jetha Nand [1991] 192 ITR 650 and that of the Andhra Pradesh High Court in the case of CWT v. C.S. Rao [1988] 174 ITR 612 wherein also ..... X X X X Extracts X X X X X X X X Extracts X X X X
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