https://www.taxtmi.com/caselaws?id=61933 The Tribunal partly allowed the appeal, emphasizing ownership as the key criterion for exemption under section 5(1)(xxxi) of the Wealth-tax Act, overturning previous decisions that necessitated direct involvement in industrial activities for exemption eligibility. The Tribunal directed the WTO to grant the assessee exemption under section 5(1)(xxxi) based on this interpretation, highlighting that ownership of assets forming part of an industrial undertaking suffices for exemption, without requiring direct operational involvement in the industrial activity. en-us Thu, 14 Nov 1985 00:00:00 +0530 Mon, 17 Jan 2011 11:31:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61933 The Tribunal partly allowed the appeal, emphasizing ownership as the key criterion for exemption under section 5(1)(xxxi) of the Wealth-tax Act, overturning previous decisions that necessitated direct involvement in industrial activities for exemption eligibility. The Tribunal directed the WTO to grant the assessee exemption under section 5(1)(xxxi) based on this interpretation, highlighting that ownership of assets forming part of an industrial undertaking suffices for exemption, without requiring direct operational involvement in the industrial activity. Case-Laws Wealth-tax Thu, 14 Nov 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61933