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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Tanneries, mills, and kilns now classified as 'industrial undertakings' under Wealth Tax Act, 1957, affecting net wealth calculations.</h1> The Board, in consultation with the Ministry of Law, has determined that tanneries, rice mills, dal mills, oil mills, and brick kilns qualify as 'industrial undertakings' under the Wealth Tax Act, 1957. These entities are engaged in the manufacture or processing of goods, thus falling under the explanation to clauses (xxxi) and (xxxii) of sub-section (i) of section 5 of the Act. Consequently, their relevant assets are excluded from net wealth calculations, subject to the limits specified in section 5(1A).
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