2000 (8) TMI 43

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.... Wealth-tax Act, 1957 (in short the "Act"), by the Income-tax Appellate Tribunal, Delhi Bench "A" (in short the "Tribunal"). Since identical questions are involved, the two cases are taken up together for disposal. The common question referred for the opinion of this court is as follows : "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was legally co....

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....for export as fancy articles to foreign markets. As it was the assessee's stand that the firm is an exporter of such goods, the claim before the Revenue authorities was that the capital of the assessee with the said firm is exempt under the provisions of section 5(1)(xxxii) of the Act. The Wealth-tax Officer opined that the firm was not carrying on any manufacturing process and, therefore, the ass....

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....for plating, soldering and engraving. It has been explained to us in the court that after the job work is done by the parties, the assessee finally assembles the parts, does the necessary soldering or gets them done and sells the products so made in the market by exports as products of its own. This process, in our opinion, is covered within the meaning given to the phrase, 'processing of goods' i....