https://www.taxtmi.com/caselaws?id=24830 The High Court of Andhra Pradesh ruled in favor of the assessee in a case concerning exemption eligibility under section 5(1)(xxxii) of the Wealth-tax Act. The court held that a partnership firm leasing out its rice mill could still be considered engaged in manufacturing or processing of goods, thus qualifying for the exemption. The court emphasized that temporary leasing out of assets does not indicate permanent abandonment of business operations, and as long as the firm was engaged in manufacturing or processing of goods during the relevant assessment year, it met the criteria for exemption. en-us Mon, 03 Aug 1987 00:00:00 +0530 Fri, 22 Jan 2010 16:25:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24830 The High Court of Andhra Pradesh ruled in favor of the assessee in a case concerning exemption eligibility under section 5(1)(xxxii) of the Wealth-tax Act. The court held that a partnership firm leasing out its rice mill could still be considered engaged in manufacturing or processing of goods, thus qualifying for the exemption. The court emphasized that temporary leasing out of assets does not indicate permanent abandonment of business operations, and as long as the firm was engaged in manufacturing or processing of goods during the relevant assessment year, it met the criteria for exemption. Case-Laws Wealth-tax Mon, 03 Aug 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24830