TaxTMI 
TaxTMI 
1982 (10) TMI 75
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....f the assessee's interest in the assets of the said firm is exempt. In the cross-objections the assessee contends that the AAC erred in confirming the disallowance of exemption in respect of tools and instruments necessary to enable the assessee to carry on his profession or vocation as provided under s. 5(1)(x) of the Act. These issues arise out of the following factual background. 2. The assessee, Shri Narinder Singh, is partner in the firm working under the names and style of M/s White Pearls Poultry Farm, Sarabhe Nagar, Ludhiana. The assessee had, inter alia, made claims before the WTO for each of the assessment years under appeal that he is entitled to exemption under s. 5(1)(x) in respect to tools and instruments used in the poultr....
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.... and profession or vocation. For this reliance was placed upon the Karnataka High Court in the case of A.T. Mirji vs. CWT (1980) 18 CTR (Kar) 142 : (1980) 126 ITR 93 (Kar). It was thus contended that the assessee was entitled to exemption under s. 5(1)(x) as well. These submissions were opposed by the revenue with the contention that there is a difference between profession or vocation and the business. It was also contended that the assessee is not entitled to exemption that he is claiming in his assessment because in his accounts only his interest in the firm could be considered for purpose of exemption. 5. We have given careful consideration to the rival submissions, relevant provisions of law and the facts of the case. In our conside....
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.... cold storage falls within the definition of "manufacturing process" in cl. (k)(i) of s. 2 of the Factories Act, 1948. The Hon'ble Allahabad High Court in the case of Radhey Mohan Narain, referred to supra has held that the firm which purchased big rolls of cloth from outside, got them bleached, dyed in different colours and thereafter got the rolls cut into pieces and printed, was entitled to be treated as an industrial undertaking and as such was entitled to exemption in regard to the value of the interest of a partner in that firm within the meaning of s. 5(1)(xxxii) of the WT Act, 1957. In the light of interpretation given by the Courts to the terms "Industrial undertaking" and "processing of goods" we proceed to examine the case of the....
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....(xxxii) of the Act. 9. It has been argued that poultry farming is an organised industry for the manufacture of eggs, chicken, poultry, meat and other related products and there are elements of investments in land, building, special type of sheds, provision of raw-materials such as one day old chicks, feed stocks, medicines, maintenance of certain special type of equipments such as feeders, waterers, egg-lying nests, brooders, debeakers, infrared lamps and bulbs, feed grinders etc. These distinguish the organised poultry farming as an industry from the usual bird keeping by individuals. There is organised production and process involved including application of labour and capital so that it becomes a regular profit yielding business. 1....