https://www.taxtmi.com/caselaws?id=69689 The Appellate Tribunal ITAT MADRAS-B consolidated two appeals by the department regarding the assessment years 1973-74 and 1974-75. The case involved an individual proprietor claiming exemption under section 5(1)(xxxi) of the Wealth Tax Act for assets of an industrial undertaking. The dispute centered on whether the business, engaged in the manufacture and sale of lint and cotton seeds, qualified as a manufacturing concern for exemption purposes. The Tribunal ruled in favor of the assessee, holding that as long as the business was involved in manufacturing or processing goods, it constituted an industrial undertaking, entitling the assessee to the exemption. en-us Fri, 29 Apr 1977 00:00:00 +0530 Mon, 11 Apr 2011 15:54:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69689 The Appellate Tribunal ITAT MADRAS-B consolidated two appeals by the department regarding the assessment years 1973-74 and 1974-75. The case involved an individual proprietor claiming exemption under section 5(1)(xxxi) of the Wealth Tax Act for assets of an industrial undertaking. The dispute centered on whether the business, engaged in the manufacture and sale of lint and cotton seeds, qualified as a manufacturing concern for exemption purposes. The Tribunal ruled in favor of the assessee, holding that as long as the business was involved in manufacturing or processing goods, it constituted an industrial undertaking, entitling the assessee to the exemption. Case-Laws Income Tax Fri, 29 Apr 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69689