1978 (11) TMI 103 - AT - Wealth-tax

Summary

The Appellate Tribunal ITAT Pune allowed the appeal of the assessee, a partner in a firm manufacturing pickles and spices, claiming exemption under s. 5(1)(xxxii) of the WT Act. The Tribunal held that the firm's manufacturing activities qualify as "manufacturing of goods," entitling the assessee to the exemption. The Wealth-tax Officer was directed to exempt the value of the assessee's interest in the firm's assets from wealth tax.