https://www.taxtmi.com/caselaws?id=172777 The court ruled in favor of the assessee, determining that the new spinning unit was "set up" after the commencement of the Wealth-tax Act, 1957. This decision made the asset eligible for exemption for the first five successive assessment years from April 1, 1957. The court emphasized that "set up" should mean being ready to commence business, clarifying that actual functioning was not necessary. The interpretation of the second proviso to section 5(1)(xxi) played a crucial role in the judgment, ultimately leading to the assessee's success in the case. en-us Wed, 14 Mar 1962 00:00:00 +0530 Fri, 28 Aug 2015 18:26:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=172777 The court ruled in favor of the assessee, determining that the new spinning unit was "set up" after the commencement of the Wealth-tax Act, 1957. This decision made the asset eligible for exemption for the first five successive assessment years from April 1, 1957. The court emphasized that "set up" should mean being ready to commence business, clarifying that actual functioning was not necessary. The interpretation of the second proviso to section 5(1)(xxi) played a crucial role in the judgment, ultimately leading to the assessee's success in the case. Case-Laws Income Tax Wed, 14 Mar 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=172777