Assessee wins appeal for exemption under Wealth Tax Act; Salt Pans deemed assets of industrial undertaking

The Appellate Tribunal ITAT MADRAS-B allowed the assessee's appeals for exemption under section 5(1)(xxxi) of the Wealth Tax Act. The Tribunal considered the Salt Pans owned by the assessee as assets of an industrial undertaking, granting the exemption and instructing the WTO to recalculate the net wealth.

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The Appellate Tribunal ITAT MADRAS-B allowed the appeals of the assessee for exemption under section 5(1)(xxxi) of the Wealth Tax Act. The assessee, an individual, owned Salt Pans leased to firms in which he was a partner for salt manufacturing. The Tribunal found the Salt Pans to be assets of an industrial undertaking belonging to the assessee, granting the exemption and directing the WTO to recompute the net wealth.

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