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<h1>Industrial undertaking classification excludes specified processing units from net wealth under the Wealth Tax Act, subject to statutory ceiling.</h1> Tanneries, rice mills, dal mills, oil mills and brick kilns are to be treated as industrial undertakings under the Explanation to clauses (xxxi) and (xxxii) of section 5(1) of the Wealth Tax Act; their relevant assets are excluded from net wealth calculations, subject to the statutory ceiling.
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