https://www.taxtmi.com/caselaws?id=69764 The Tribunal upheld the AAC's decision, affirming the firm's classification as an 'industrial undertaking' under the Wealth Tax Act. It concluded that the firm's activities, particularly the processing of yarn, qualified it for tax exemption, despite the subsequent sale of dyed yarn and purchase of cloth. The Tribunal emphasized the importance of processing goods in determining eligibility for exemption, dismissing the Department's appeals and ruling in favor of the assessee. en-us Wed, 30 May 1979 00:00:00 +0530 Tue, 12 Apr 2011 10:14:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69764 The Tribunal upheld the AAC's decision, affirming the firm's classification as an 'industrial undertaking' under the Wealth Tax Act. It concluded that the firm's activities, particularly the processing of yarn, qualified it for tax exemption, despite the subsequent sale of dyed yarn and purchase of cloth. The Tribunal emphasized the importance of processing goods in determining eligibility for exemption, dismissing the Department's appeals and ruling in favor of the assessee. Case-Laws Wealth-tax Wed, 30 May 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69764