COMMISSIONER OF WEALTH TAX Vs. DEVASAHAYAM P

JUDGEMENT

(1.) THIS is a reference to this Court under s. 27(3) of the WT Act, 1957 (Act No. XXVII of 1957 - for short 'WTA'), and the questions referred to us are :

(2.) THE assessee, Mr. P. Devasahayam, of Madurai is an individual carrying on business of sweetmeats and biscuits stall. In his wealth-tax assessment, a claim under s. 5(1)(xxxii) of WT Act was made on the ground that the investment in the business constitutes an 'industrial undertaking' and therefore, the investment in the said business is to be exempted from wealth-tax for the asst. yr. 1976-77.

(3.) THIS Reference has arisen out of the said Order of the Tribunal.