9911796707
TMI Blog1985 (11) TMI 25X X X X Extracts X X X X X X X X Extracts X X X X ..... th-tax, Madras : " Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was correct in law in holding that the firm in which the assessee was a partner is an industrial undertaking and accordingly right in directing grant of exemption under section 5(1)(xxxii) in respect of the assessee's interest in the assets of the firm ? " Under section 5(1) of the Wealth-tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ates that for the purposes of clauses (xxxa), (xxxi), (xxxii) and (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." We are concerned with the meaning of the words " manufacture or processing of go ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the expenses incurred in the maintenance of the looms. So also the mere fact that the assessee had given instructions or specifications to the weavers indicating the quality of goods will not in any way better the case of the assessee. It is also contended on behalf of the assessee that such a specification given to an outside agency for the preparation of textile goods will mean that the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the benefit of the exemption. The other partner who was the assessee in T.C. No. 1351 of 1977, though had not brought out facts that this particular partnership firm was engaged in cleaning, reeling, cutting, etc., of art silk yarn, since in the other case T.C. No. 153 of 1980 relating to the same firm there were facts disclosing those activities, that was relied on and it was held that the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
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