https://www.taxtmi.com/caselaws?id=68921 The Tribunal determined that partnerships engaging in processing raw materials into finished products qualify as industrial undertakings under Section 5(1)(xxxii) of the Wealth-tax Act. Therefore, the value of the assessees' interests in such firms is exempt from wealth-tax. The departmental appeals were dismissed, and the assessees' appeals were allowed, confirming the exemption of the interest value in partnership firms from wealth-tax under the specified provision. en-us Wed, 30 Jul 1980 00:00:00 +0530 Sat, 02 Apr 2011 13:43:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68921 The Tribunal determined that partnerships engaging in processing raw materials into finished products qualify as industrial undertakings under Section 5(1)(xxxii) of the Wealth-tax Act. Therefore, the value of the assessees' interests in such firms is exempt from wealth-tax. The departmental appeals were dismissed, and the assessees' appeals were allowed, confirming the exemption of the interest value in partnership firms from wealth-tax under the specified provision. Case-Laws Wealth-tax Wed, 30 Jul 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68921