1992 (8) TMI 46

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...., two following Common questions relating to the assessment year 1974-75 have been referred by the Appellate Tribunal to this court under section 27(1) of the Wealth-tax Act, 1957, for its opinion : " 1. Whether the Income-tax Appellate Tribunal was correct in law in holding that fabrication of leather boots be regarded as manufacturing or processing of goods within the meaning of section 5(1)(....

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....s interest therein is exempt within the meaning of section 5(1)(xxxii) of the Act. The claim of the assessees was opposed by the Revenue on the ground that the aforesaid firm is not engaged in the manufacture of leather boots itself but gets the boots manufactured on job basis from contract labourers to whom the aforesaid firm supplies the raw material and then makes payment of labour charges w....

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....tion appended to clause (xxxi) of sub-section (1) of section 5 of the Act. There is no need to dwell upon this issue any longer as this question came up before this court in CWT v. Radhey Mohan Narain [1982] 135 ITR 372 which, adverting to the Explanation appended to clause (xxxi) of sub-section (1) of section 5, held that the activity of converting plain white cloth into printed and dyed bedsprea....