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of <h1>Court exempts assessee's share in firms from wealth tax under deemed industrial undertakings provision</h1> The High Court of Allahabad held that the assessee's share in the firms M/s. Chintamani Brothers and M/s. Kastoor Chand Munna Lal was exempt from ... Exemptions, Industrial Undertaking, Wealth Tax The High Court of Allahabad ruled that the assessee's share in the firms M/s. Chintamani Brothers and M/s. Kastoor Chand Munna Lal was exempt from wealth-tax under section 5(1)(xxxii) of the Wealth-tax Act, 1957. The firms were considered industrial undertakings, entitling the petitioner to the exemption. The decision was based on a previous case and no distinguishing features were identified by the Department. The judgment favored the assessee with no order as to costs.
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