https://www.taxtmi.com/caselaws?id=69262 Interest in a partnership firm engaged in systematic handloom saree production was treated as an interest in an industrial undertaking for wealth-tax exemption under section 5(1)(xxxii) of the Wealth-tax Act, 1957. The Tribunal noted that the firm purchased yarn and other materials, employed weavers, and carried on organised, continuous manufacturing activity; on that factual basis, the assessee's claim for exemption was upheld. Authorities relied on by the Revenue were distinguished because they concerned firms not owning looms and materially different facts. The revenue objection therefore failed, and the exemption was maintained. en-us Fri, 02 Mar 1979 00:00:00 +0530 Wed, 06 Apr 2011 10:22:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69262 Interest in a partnership firm engaged in systematic handloom saree production was treated as an interest in an industrial undertaking for wealth-tax exemption under section 5(1)(xxxii) of the Wealth-tax Act, 1957. The Tribunal noted that the firm purchased yarn and other materials, employed weavers, and carried on organised, continuous manufacturing activity; on that factual basis, the assessee's claim for exemption was upheld. Authorities relied on by the Revenue were distinguished because they concerned firms not owning looms and materially different facts. The revenue objection therefore failed, and the exemption was maintained. Case-Laws Wealth-tax Fri, 02 Mar 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69262