https://www.taxtmi.com/caselaws?id=29444 The High Court ruled in favor of the assessee, determining that the partnership firm's activities qualified as an "industrial undertaking" under section 5(1)(xxxi) of the Wealth-tax Act, 1957. Despite outsourcing some processing activities, the firm's engagement in purchasing raw materials, processing them through external agencies, and further processing in-house aligned with the definition of an industrial undertaking. Citing relevant legal precedents, the Court held that even partially outsourced processing activities could still classify an entity as an industrial undertaking. Consequently, the assessee was entitled to exemption under the Act, and the department was directed to cover the costs of the reference. en-us Wed, 24 Mar 1982 00:00:00 +0530 Fri, 12 Mar 2010 18:25:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29444 The High Court ruled in favor of the assessee, determining that the partnership firm's activities qualified as an "industrial undertaking" under section 5(1)(xxxi) of the Wealth-tax Act, 1957. Despite outsourcing some processing activities, the firm's engagement in purchasing raw materials, processing them through external agencies, and further processing in-house aligned with the definition of an industrial undertaking. Citing relevant legal precedents, the Court held that even partially outsourced processing activities could still classify an entity as an industrial undertaking. Consequently, the assessee was entitled to exemption under the Act, and the department was directed to cover the costs of the reference. Case-Laws Wealth-tax Wed, 24 Mar 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29444