1977 (9) TMI 42

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....hich the assessee was a partner in the asst. yr. 1974-75 and was a partner in South India Star Tannery only in the asst. yr. 1975-76 were industrial undertakings as contemplated by s. 5(1)(xxxii) of the WT Act, 1957 and the values of the interest of the assessee in the assets forming part of the undertaking of the two firms were exempt from inclusion in the net wealth of the assessee for the two years respectively. The assessee claimed exemption with regard to a sum of Rs. 49,615 being his capital standing in the books of South India Star Tannery and Rs. 20,149 in the books of East India Goat & Sheep Tannery in the asst. yr. 1974-75 and Rs. 27,985 as his capital in the books of South India Start Tannery in the asst. yr. 1975-76 as represent....

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....a number of stages including washing and soaking, unhairing, the liming process, fleashing, pickling and subsequently of tanning proper. On para 5 of the Paper Book the assessee gave the five stages involved in tanning of skins which according to the assessee the two firms undertook in their undertakings of the business of tanning of skins. We reproduce the same below: First stage Lime water & Chemical Water 13 days Second stage 1. Chawl Water 7 days Second stage 2. Chawl Water 7 days Third stage Kadukkai 2 days Fourth stage Oil 1 day Fifth stage Thana (Dena) 1 day . Dana drying 1 day   Total 32 days 4. Having regard to the different process involved is tanning ....