https://www.taxtmi.com/caselaws?id=22385 The court held in favor of the assessee, ruling that exemption under clause (xxxi) of section 5(1) of the Wealth-tax Act applied to assets of an industrial undertaking owned by the assessee, even if not directly managed by the assessee. The court emphasized that the clause only required the assets to be part of an industrial undertaking belonging to the assessee, without the additional condition of active involvement in management. This interpretation aligned with precedent and rejected the argument that mere ownership was insufficient for claiming the exemption. en-us Thu, 07 Feb 1991 00:00:00 +0530 Wed, 09 Dec 2009 16:04:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22385 The court held in favor of the assessee, ruling that exemption under clause (xxxi) of section 5(1) of the Wealth-tax Act applied to assets of an industrial undertaking owned by the assessee, even if not directly managed by the assessee. The court emphasized that the clause only required the assets to be part of an industrial undertaking belonging to the assessee, without the additional condition of active involvement in management. This interpretation aligned with precedent and rejected the argument that mere ownership was insufficient for claiming the exemption. Case-Laws Wealth-tax Thu, 07 Feb 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22385