TMI Blog1979 (5) TMI 93X X X X Extracts X X X X X X X X Extracts X X X X ..... assessments made on the assessee by the I ITO, Circle I, Karur under s. 16(3) of the WT Act for the asst. yrs. 1974-75, 1975-76 and 1976-77 the relevant valuation dt. being 31st March, 1974, 31st Mach 1975 and 31st day of March, 1976 respectively. 2. The assessee is a partner in the firm M/s. Nalluswamy Co. The assessee filed returns disclosing net wealth of Rs. 96,000 for the asst. yr. 1974-7 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1976-77, they being the value of the assessee's share in the said firm. Thus by his orders dt. 21st Sept., 1976 and 11th July, 1977 he determined the taxable wealth of the assessee as Rs. 1,09,572, Rs. 1,22,658 and Rs. 1,19,400 for the aforesaid assessment years. respectively. 3. Aggrieved by such assessments, the assessee preferred WTA Nos. 3, 4 5/KRR/77-78 reiterating the contention that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was exempt from tax under s. 5(1) of the WT Act. Hence these appeals by the Department. 4. It was contended before us by the Departmental Representative that the firm C.R. Nalluswamy Co. could not be considered as 'industrial undertaking'. 5. The said expression has been defined in the Expln. to s. 5(1) (xxxi) meaning as: "an undertaking engaged in the business of generation or distributi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o being engaged in the manufacturing of goods or processing of goods. The assessee's authorised representative contended that the firm is engaged in the processing of goods and also in the manufacture of goods. According to him, the said firm purchases yarn and dyes the same. Thereafter it delivers the dyed yarn to weavers for being woven into cloth. He further contended that even if the firm gets ..... X X X X Extracts X X X X X X X X Extracts X X X X
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