https://www.taxtmi.com/caselaws?id=26132 The High Court of Madras ruled in favor of the assessee, granting wealth-tax exemption under section 5(1)(xxxii) of the Wealth-tax Act, 1957. The court held that direct involvement in the manufacturing process is necessary to qualify as an industrial undertaking for the exemption, emphasizing that control over quality or giving instructions to an outside agency does not suffice. The judgment also extended the exemption to other partners in the firm based on their involvement in activities like processing of goods, following a precedent set in a related case. en-us Thu, 14 Nov 1985 00:00:00 +0530 Wed, 03 Feb 2010 10:31:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26132 The High Court of Madras ruled in favor of the assessee, granting wealth-tax exemption under section 5(1)(xxxii) of the Wealth-tax Act, 1957. The court held that direct involvement in the manufacturing process is necessary to qualify as an industrial undertaking for the exemption, emphasizing that control over quality or giving instructions to an outside agency does not suffice. The judgment also extended the exemption to other partners in the firm based on their involvement in activities like processing of goods, following a precedent set in a related case. Case-Laws Wealth-tax Thu, 14 Nov 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26132