Law:

Section:

Section 5(1)(xxxii) of the Wealth-Tax Act, 1957 - Exemptions - Assets forming part of industrial undertakings - Whether firm engaged in dyeing and printing cloth and sarees is an industrial undertaking within meaning of Explanation to section 5(1)(xxxii) and assessee is entitled to deduction under this section in respect of share in such firm - Held, yes FACTS The assessee was a partner in two firms engaged in dyeing and printing white cloth and sarees. In the relevant assessment year the assessee claimed deduction under section 5(1)(xxxii) in respect of his shares in these firms. The WTO disallowed the assessee's claim. However, on appeal it was held that the firms were industrial undertakings within the meaning of the Explanation to section 5(1)(xxxii)and that the assessee was entitled to the claim. On reference : HELD It has been held in the case of CWT v. Radhey Mohan Narain [1982] 135 ITR 372 (All.) that since dyeing and printing amounts to processing the firm engaged in it is an industrial undertaking within the meaning of section 5(1)(xxxii). In the instant case, therefore, the assessee was entitled to deduction under section 5(1)(xxxii)in respect of his shares in the two firms. CASE REVIEW CWT v. Radhey Mohan Narain [1982] 135 ITR 372 (All.) followed and relied upon. CASES REFERRED TO CWT v. Radhey Mohan Narain [1982] 135 ITR 372 (All.)(para 3). JUDGMENT R.M. Sahai, J. - The following question of law has been referred under section 27 of the Wealth-tax Act, 1957 : "Whether, on the facts and in the circumstances of the case, the assessee's share in firms Chintamani…

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