TaxTMI 
TaxTMI 
1984 (12) TMI 22
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....ferred one question each in these references under section 27(1) of the Wealth-tax Act, 1957, for the opinion of this court. All the assessees are Hindu undivided families and they are partners in the firms, namely, Chinthamani and Brothers and Kastoor Chand Munnalal, through their kartas. They claimed exemption in respect of the value of their interest in the assets, belonging to the said firms, ....
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....e assets forming part of an " industrial undertaking " within the meaning of section 5(1)(xxxii) of the Wealth-tax Act. The Tribunal ultimately accepted the contention of the assessees. The short question for consideration is: whether the firms engaged in the business of dyeing and printing of white cotton cloth and preparing saris therefrom were " industrial undertakings " within the meaning of ....
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....l undertaking belonging to the firm of which the assessee is a partner. The assessee is, therefore, entitled to claim exemption with regard to the value of his interest in the undertaking under section 5(1)(xxxii) of the Act." The activity of the firms in which the instant assessees were partners was similar to the activity of the firm, M/s. Radhey Mohan Narain Laxman Babu, which was involved in ....