https://www.taxtmi.com/caselaws?id=19152 The High Court ruled against the partner seeking exemption under section 5(1)(xxxii) of the Wealth-tax Act, 1957 for investment in a partnership firm engaged in the gold ornament business. The court found that the partner did not have sufficient control over the manufacturing process, concluding that the firm was not an industrial undertaking. The court held that since the partner was not directly involved in manufacturing, the Tribunal's decision to grant the exemption was incorrect. Consequently, the court sided with the Department, denying the exemption. en-us Wed, 09 Nov 1994 00:00:00 +0530 Wed, 04 Nov 2009 13:10:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19152 The High Court ruled against the partner seeking exemption under section 5(1)(xxxii) of the Wealth-tax Act, 1957 for investment in a partnership firm engaged in the gold ornament business. The court found that the partner did not have sufficient control over the manufacturing process, concluding that the firm was not an industrial undertaking. The court held that since the partner was not directly involved in manufacturing, the Tribunal's decision to grant the exemption was incorrect. Consequently, the court sided with the Department, denying the exemption. Case-Laws Wealth-tax Wed, 09 Nov 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19152