https://www.taxtmi.com/caselaws?id=69775 Where a firm is found to be engaged in manufacture, that finding governs the partner's entitlement to exemption under section 5(1)(xxxii) of the Wealth-tax Act, 1957. The assessment order describing the firm's business as manufacture and sale of handloom sarees was treated as final, so the nature of the firm's activity was not reopened. On that basis, the partner was held entitled to exemption in respect of his interest in the industrial undertaking, and his net wealth had to be recomputed after excluding the exempt assets. en-us Tue, 08 May 1979 00:00:00 +0530 Tue, 12 Apr 2011 10:34:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69775 Where a firm is found to be engaged in manufacture, that finding governs the partner's entitlement to exemption under section 5(1)(xxxii) of the Wealth-tax Act, 1957. The assessment order describing the firm's business as manufacture and sale of handloom sarees was treated as final, so the nature of the firm's activity was not reopened. On that basis, the partner was held entitled to exemption in respect of his interest in the industrial undertaking, and his net wealth had to be recomputed after excluding the exempt assets. Case-Laws Wealth-tax Tue, 08 May 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69775