https://www.taxtmi.com/caselaws?id=70515 The Tribunal found that the assessee qualified for exemption under s. 5(1)(xxxi) for the individual business but not under s. 5(1)(xxxii) for the partnership firm. The machinery owned by the assessee and used for industrial purposes in the individual business met exemption conditions, leading to the setting aside of the Commissioner's order to enhance net wealth. However, in the partnership firm, where the machinery did not belong to the firm, the Tribunal upheld the decision to increase net wealth. The appeal was partly allowed, with taxability determined based on the Tribunal's findings. en-us Wed, 15 Dec 1976 00:00:00 +0530 Sat, 16 Apr 2011 15:42:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70515 The Tribunal found that the assessee qualified for exemption under s. 5(1)(xxxi) for the individual business but not under s. 5(1)(xxxii) for the partnership firm. The machinery owned by the assessee and used for industrial purposes in the individual business met exemption conditions, leading to the setting aside of the Commissioner's order to enhance net wealth. However, in the partnership firm, where the machinery did not belong to the firm, the Tribunal upheld the decision to increase net wealth. The appeal was partly allowed, with taxability determined based on the Tribunal's findings. Case-Laws Wealth-tax Wed, 15 Dec 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70515