https://www.taxtmi.com/caselaws?id=20894 The High Court held that the firm's operations of processing tobacco leaves constitute processing under the Wealth-tax Act, qualifying it as an industrial undertaking eligible for exemption. The activities of crushing, removing stems and dust, and selling the processed tobacco were deemed to result in a change in the commodity, aligning with the Act's definition of processing. Consequently, the assessee was entitled to exemption for his interest in the firm, with the judgment ruling in favor of the assessee and rejecting the Revenue's argument, without costs. en-us Fri, 18 Sep 1992 00:00:00 +0530 Tue, 17 Nov 2009 18:26:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20894 The High Court held that the firm's operations of processing tobacco leaves constitute processing under the Wealth-tax Act, qualifying it as an industrial undertaking eligible for exemption. The activities of crushing, removing stems and dust, and selling the processed tobacco were deemed to result in a change in the commodity, aligning with the Act's definition of processing. Consequently, the assessee was entitled to exemption for his interest in the firm, with the judgment ruling in favor of the assessee and rejecting the Revenue's argument, without costs. Case-Laws Wealth-tax Fri, 18 Sep 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20894