https://www.taxtmi.com/caselaws?id=21819 The exemption under section 5(1)(xxxii) of the Wealth-tax Act, 1957, was held to cover a partner's interest in an industrial undertaking, including the land and buildings forming part of that undertaking. Applying an earlier Patna High Court view, the value attributable to the factory shed and factory office building could not be excluded from the assessee's exempt interest merely because those assets were part of the firm's industrial unit. The departmental objection to deduction of that value therefore failed, and the exemption claim was upheld. en-us Tue, 06 Aug 1991 00:00:00 +0530 Tue, 01 Dec 2009 16:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21819 The exemption under section 5(1)(xxxii) of the Wealth-tax Act, 1957, was held to cover a partner's interest in an industrial undertaking, including the land and buildings forming part of that undertaking. Applying an earlier Patna High Court view, the value attributable to the factory shed and factory office building could not be excluded from the assessee's exempt interest merely because those assets were part of the firm's industrial unit. The departmental objection to deduction of that value therefore failed, and the exemption claim was upheld. Case-Laws Wealth-tax Tue, 06 Aug 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21819