1987 (2) TMI 49

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....-At the instance of the Revenue, the following question has been referred under section 271(1) of the Wealth-tax Act, 1957: " Whether, on the facts and in the circumstances of the case, the Tribunal was correct in holding that the firm in which the assessee was partner was an industrial undertaking within the meaning of the Explanation to section 5(1)(xxxi) of the Wealth-tax Act, 1957, and was ....

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....n the meaning of the Explanation to section 5(1)(xxxi) and, consequently, he was entitled to the exemption claimed. The Wealth-tax Officer did not accept the claim for exemption made by the assessee. Aggrieved, the assessee filed two appeals before the Appellate Assistant Commissioner for both the years. The appeals were dismissed by the Appellate Assistant Commissioner. The assessee, thereafte....

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.... get its benefit, if it was established that the firm, of which he was a partner, was engaged in an industrial undertaking as defined in the Explanation to section 5(1)(xxxi). The Explanation reads as under : " For the purposes of clause (xxxa), this clause, clause (xxxii) and clause (xxxiv), the term 'industrial undertaking' means an industrial undertaking engaged in the business of generation....

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....ntroversy which arises for decision before us is covered by the decision of our High Court in Addl. CIT v. Farrukhabad Cold Storage (P.) Ltd. [1977] 107 ITR 816. In this case, the Division Bench held that the term processing Of goods " as used in section 2(7)(d) of the Finance Act need not be of such a nature as to result in the manufacture of goods. All that is required is that the goods must be ....