https://www.taxtmi.com/caselaws?id=16632 The court held that the firm did not qualify as an "industrial undertaking" under Section 5(1)(xxxii) of the Wealth-tax Act, 1957. The activities of purchasing groundnuts and having them crushed by an outside agency were deemed trading activities, not manufacturing or processing. As the firm did not directly engage in manufacturing or processing, it was not eligible for the exemption claimed by the assessees. The decision favored the Department over the assessees. en-us Mon, 11 Aug 1997 00:00:00 +0530 Wed, 09 Sep 2009 11:20:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16632 The court held that the firm did not qualify as an "industrial undertaking" under Section 5(1)(xxxii) of the Wealth-tax Act, 1957. The activities of purchasing groundnuts and having them crushed by an outside agency were deemed trading activities, not manufacturing or processing. As the firm did not directly engage in manufacturing or processing, it was not eligible for the exemption claimed by the assessees. The decision favored the Department over the assessees. Case-Laws Wealth-tax Mon, 11 Aug 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16632