1979 (5) TMI 98

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....uting his net wealth. 2. The assessee is a partner in the firm of M/s L.T. Subbier & Sons, Madurai and he claimed a sum of Rs. 1,50,000 as exemption under s. 5 (1)(xxxii) in his Wealth-tax return for the asst. yr. 1977-78. On the ground that the firm was not manufacturing handloom goods on own account but was supplying yarn to outsiders for weaving of the handloom goods at specified rates and g....

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....ch a case the partner also should be considered as a manufacturer. He also submitted that there are number of decisions of the Tribunal in this regard. 4. The departmental representative, on the other hand, contended that the orders of the lower authorities revealed that the firm in which the assessee is a partner, was not carrying on the business of manufacture and further the AAC had found th....

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.... have referred to the business as 'manufacture and sale of handloom sarees' in the assessment order. In our opinion that finding is final and a second examination of the question is wholly unwarranted. As to the next question whether the partner of such a firm would be entitled to the exemption under s. 5(1)(xxxii), it has rightly been pointed out by the assessee's Counsel that there are a number ....