https://www.taxtmi.com/caselaws?id=21714 The court ruled against the assessee, holding that their share in the partnership firms was not exempt under section 5(1)(xxxii) of the Wealth-tax Act. The court determined that the firms did not qualify as "industrial undertakings" as their construction activities, including cement concrete preparation, were integral to building construction and not separate manufacturing processes. The decision was based on the distinction between construction activities and manufacturing or processing of goods, following precedents that construction companies engaged in building work do not qualify as industrial undertakings. en-us Thu, 05 Sep 1991 00:00:00 +0530 Fri, 27 Nov 2009 11:41:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21714 The court ruled against the assessee, holding that their share in the partnership firms was not exempt under section 5(1)(xxxii) of the Wealth-tax Act. The court determined that the firms did not qualify as "industrial undertakings" as their construction activities, including cement concrete preparation, were integral to building construction and not separate manufacturing processes. The decision was based on the distinction between construction activities and manufacturing or processing of goods, following precedents that construction companies engaged in building work do not qualify as industrial undertakings. Case-Laws Wealth-tax Thu, 05 Sep 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21714