https://www.taxtmi.com/caselaws?id=20883 The court ruled against the assessee, denying the exemption claim under section 5(1)(xxxii) of the Wealth-tax Act, 1957. The firm's construction activities did not qualify as an industrial undertaking under the Act, as they did not involve manufacturing or processing goods as defined in the law. The judgment, delivered by G. C. Bharuka J. with concurrence from S. K. Chattopadhyaya J., concluded that the firm's assets did not meet the criteria for exemption, based on legal interpretations and precedents cited. No costs were awarded, and the order was to be communicated to the Income-tax Tribunal for further action. en-us Thu, 07 Jan 1993 00:00:00 +0530 Tue, 17 Nov 2009 17:35:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20883 The court ruled against the assessee, denying the exemption claim under section 5(1)(xxxii) of the Wealth-tax Act, 1957. The firm's construction activities did not qualify as an industrial undertaking under the Act, as they did not involve manufacturing or processing goods as defined in the law. The judgment, delivered by G. C. Bharuka J. with concurrence from S. K. Chattopadhyaya J., concluded that the firm's assets did not meet the criteria for exemption, based on legal interpretations and precedents cited. No costs were awarded, and the order was to be communicated to the Income-tax Tribunal for further action. Case-Laws Wealth-tax Thu, 07 Jan 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20883