https://www.taxtmi.com/caselaws?id=34059 The court held that the Revenue had the burden to prove that the market value of closing stock exceeded the value in the firm's accounts by more than 20%. The Tribunal's decision was supported by previous cases, placing the onus on the Revenue to establish the market value. Additionally, the court upheld the classification of the firm as an industrial undertaking engaged in processing rough stones, qualifying for exemption under Section 5(1)(xxxii) of the Wealth-tax Act. Consequently, the firm's interest was deemed exempt under the Act. en-us Tue, 10 Apr 2007 00:00:00 +0530 Thu, 09 Jul 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34059 The court held that the Revenue had the burden to prove that the market value of closing stock exceeded the value in the firm's accounts by more than 20%. The Tribunal's decision was supported by previous cases, placing the onus on the Revenue to establish the market value. Additionally, the court upheld the classification of the firm as an industrial undertaking engaged in processing rough stones, qualifying for exemption under Section 5(1)(xxxii) of the Wealth-tax Act. Consequently, the firm's interest was deemed exempt under the Act. Case-Laws Wealth-tax Tue, 10 Apr 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34059