https://www.taxtmi.com/caselaws?id=7046 The High Court interpreted the exemption provisions under the Wealth-tax Act, emphasizing that a company must have the primary object of carrying on an industrial undertaking to claim exemption for net wealth employed in a new unit set up for substantial expansion. The court clarified that actual engagement in manufacturing processes is crucial for exemption eligibility and highlighted the impact of ultra vires acts on exemption claims. Ultimately, the court ruled against the company, emphasizing the necessity of meeting the specified conditions for exemption eligibility under the Wealth-tax Act. en-us Wed, 19 Apr 1967 00:00:00 +0530 Sun, 08 Feb 2009 10:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7046 The High Court interpreted the exemption provisions under the Wealth-tax Act, emphasizing that a company must have the primary object of carrying on an industrial undertaking to claim exemption for net wealth employed in a new unit set up for substantial expansion. The court clarified that actual engagement in manufacturing processes is crucial for exemption eligibility and highlighted the impact of ultra vires acts on exemption claims. Ultimately, the court ruled against the company, emphasizing the necessity of meeting the specified conditions for exemption eligibility under the Wealth-tax Act. Case-Laws Wealth-tax Wed, 19 Apr 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7046