https://www.taxtmi.com/caselaws?id=12527 The High Court interpreted section 5(1)(xxxi) of the Wealth-tax Act, 1957 regarding the exemption of machinery leased out by the owner of an industrial undertaking. The court ruled in favor of the assessee, emphasizing that ownership of the asset, not its actual use, is key for exemption under the Act. The court clarified that the term "belonging to" signifies ownership and control, not necessarily direct operation or use. The judgment favored the assessee, holding that the machinery, even when leased out, belongs to the assessee as part of the industrial undertaking. en-us Wed, 15 Nov 2000 00:00:00 +0530 Tue, 19 May 2009 18:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12527 The High Court interpreted section 5(1)(xxxi) of the Wealth-tax Act, 1957 regarding the exemption of machinery leased out by the owner of an industrial undertaking. The court ruled in favor of the assessee, emphasizing that ownership of the asset, not its actual use, is key for exemption under the Act. The court clarified that the term "belonging to" signifies ownership and control, not necessarily direct operation or use. The judgment favored the assessee, holding that the machinery, even when leased out, belongs to the assessee as part of the industrial undertaking. Case-Laws Income Tax Wed, 15 Nov 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12527