1979 (5) TMI 93

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....h April, 1978 in WTA Nos. 3, 4, & 5/KRR/77-78 on his file by which he modified the assessments made on the assessee by the I ITO, Circle I, Karur under s. 16(3) of the WT Act for the asst. yrs. 1974-75, 1975-76 and 1976-77 the relevant valuation dt. being 31st March, 1974, 31st Mach 1975 and 31st day of March, 1976 respectively. 2. The assessee is a partner in the firm M/s. Nalluswamy & Co. The....

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.... yr. 1974-75, Rs. 20,964 for the asst. yr. 1975-76 and Rs. 27,563 for the asst. yr. 1976-77, they being the value of the assessee's share in the said firm. Thus by his orders dt. 21st Sept., 1976 and 11th July, 1977 he determined the taxable wealth of the assessee as Rs. 1,09,572, Rs. 1,22,658 and Rs. 1,19,400 for the aforesaid assessment years. respectively. 3. Aggrieved by such assessments, t....

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....hnan vs. 3rd WTO (1). He therefore held that the assessee's interest in the said firm was exempt from tax under s. 5(1) of the WT Act. Hence these appeals by the Department. 4. It was contended before us by the Departmental Representative that the firm C.R. Nalluswamy & Co. could not be considered as 'industrial undertaking'. 5. The said expression has been defined in the Expln. to s. 5(1) (....

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....d sells such cloths. This according to the departmental Representative would not amount to being engaged in the manufacturing of goods or processing of goods. The assessee's authorised representative contended that the firm is engaged in the processing of goods and also in the manufacture of goods. According to him, the said firm purchases yarn and dyes the same. Thereafter it delivers the dyed ya....