https://www.taxtmi.com/caselaws?id=22499 The court interpreted clause (xxxii) of section 5(1) of the Wealth-tax Act, 1957 regarding exemption for assets of an industrial undertaking. The judgment favored the assessee, allowing exemption for the value of land and building forming part of the industrial undertaking owned by a firm. The court emphasized interpreting taxing statutes liberally in favor of the taxpayer, rejecting the Revenue's argument that land and building were excluded from the exemption. The decision underscored that if a taxpayer falls within the plain terms of exemption, they should benefit from it. en-us Wed, 14 Nov 1990 00:00:00 +0530 Thu, 10 Dec 2009 16:49:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22499 The court interpreted clause (xxxii) of section 5(1) of the Wealth-tax Act, 1957 regarding exemption for assets of an industrial undertaking. The judgment favored the assessee, allowing exemption for the value of land and building forming part of the industrial undertaking owned by a firm. The court emphasized interpreting taxing statutes liberally in favor of the taxpayer, rejecting the Revenue's argument that land and building were excluded from the exemption. The decision underscored that if a taxpayer falls within the plain terms of exemption, they should benefit from it. Case-Laws Wealth-tax Wed, 14 Nov 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22499