1988 (2) TMI 35

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.... of the Revenue, the Income-tax Appellate Tribunal, Allahabad Bench, Allahabad, has referred the following two questions relating to the assessment years 1973-74 and 1974-75 for our opinion : " 1. Whether, on the facts and in the circumstances of the case, the assessee was entitled to exemption under section 5(1)(xxxii) of the Wealth-tax Act, 1957, in respect of his inasmuch as in Prakash Enter....

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....the ground that the firm, Prakash Enterprise, got the printing done on job basis. On appeal, the Appellate Assistant Commissioner found that Prakash Enterprise was an industrial undertaking within the meaning of the Explanation to clause (xxxi) of section 5(1) of the Act, 1957, and he, thus, allowed the exemption claimed by the assessee. He, however, did not discuss the assessee's case for exempti....

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....e same, the same view which had been taken in the case of Chand Prakash, another partner of Jagat Narain Chand Prakash, should have been taken by the Wealth-tax Officer in the case of the assessee also for both the firms. The Appellate Tribunal on the analogy of its decision being given in the case of Chand Prakash, accepted the assessee's claim for exemption. Also, the Appellate Tribunal recorded....

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....ibunal took the view that both the firms were industrial undertakings within the meaning of the Explanation to clause (xxxi) of section 5(1). The question for consideration, therefore, is whether the business of printing and dyeing amounts to manufacturing or processing of goods within the meaning of the aforesaid Explanation. Similar question came up for consideration in CWT v. Radhey Mohan Na....