Firm Selling Cotton Sarees Qualifies as Industrial Undertaking, Exempt from Wealth Tax

The High Court of Allahabad held that a firm engaged in printing and selling cotton sarees qualifies as an industrial undertaking under the Wealth-tax Act, granting it exemption from wealth tax. The decision favored the assessee over the Revenue, citing precedent from CWT v. Radhey Mohan Narain [1982] 135 ITR 372.

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The High Court of Allahabad held that a firm engaged in printing and selling cotton sarees qualifies as an industrial undertaking under the Wealth-tax Act, granting it exemption from wealth tax. The decision was based on a previous ruling in CWT v. Radhey Mohan Narain [1982] 135 ITR 372. The question was answered in favor of the assessee and against the Revenue.

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