https://www.taxtmi.com/caselaws?id=69218 A partnership firm engaged in purchasing raw materials, having cloth produced through handloom weavers on wage basis, and selling the finished cloth was treated as carrying on manufacturing or processing for wealth-tax purposes. The exemption for an assessee's interest in the assets of an industrial undertaking under section 5(1)(xxxii) of the Wealth-tax Act applied because the decisive factor was organised and systematic manufacture or processing, not direct ownership of looms or personal execution of the work by the firm. The assessee's share in the firm's assets therefore qualified for exemption, and valuation was to be recomputed after allowing the relief. en-us Sat, 21 May 1977 00:00:00 +0530 Tue, 05 Apr 2011 18:16:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69218 A partnership firm engaged in purchasing raw materials, having cloth produced through handloom weavers on wage basis, and selling the finished cloth was treated as carrying on manufacturing or processing for wealth-tax purposes. The exemption for an assessee's interest in the assets of an industrial undertaking under section 5(1)(xxxii) of the Wealth-tax Act applied because the decisive factor was organised and systematic manufacture or processing, not direct ownership of looms or personal execution of the work by the firm. The assessee's share in the firm's assets therefore qualified for exemption, and valuation was to be recomputed after allowing the relief. Case-Laws Wealth-tax Sat, 21 May 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69218