TMI Blog1982 (3) TMI 62X X X X Extracts X X X X X X X X Extracts X X X X ..... ollowing question has been referred for the opinion of this court: " Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct in law in holding that the firm, M/s. Radhey Mohan Narain Laxman Babu, was an industrial undertaking within the meaning of section 5(1)(xxxii) of the Wealth-tax Act, 1957 ? " The assessee is a partner in M/s. Radhey Moh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by an assessee in respect of the following assets and such assets shall not be included in the net wealth of the assessee : " (xxxii) the value, as determined in the prescribed manner, of the interest of the assessee in the assets (not being any land or building or any rights in any land or building or any asset referred to in any other clause of this sub-section) forming part of an industrial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mining. The modus operandi of the firm in which the assessee is a partner is, as noted by the AAC in his order, that the undertaking purchases big rolls of plain cloth from outside Farrukhabad. The cloth thus purchased is got bleached and thereafter it is dyed in different colours. After dyeing the rolls are cut into pieces and are got printed. In order that the colour may become fast, steam i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... meanings given to the word " process " as verb is as follows: " to subject to a particular method, system, or technique of preparation, handling, or other treatment designed to effect a particular result, put through a special process." In processing the original article need not lose its identity altogether but some changes are brought into it. When a cloth is dyed, printed and cut into pie ..... X X X X Extracts X X X X X X X X Extracts X X X X
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