- (1.) At the instance of the Revenue, the Income-tax Appellate Tribunal, Delhi Bench "B", New Delhi, has referred the following question for the opinion of this court : "Whether, on the facts and in the circumstances of the case, the Tribunal was correct in holding that the firm, Messrs. Amjad Ali and Company, in which the assessee was a partner was an industrial undertaking within the meaning of the Explanation to Section 5(1)(xxxii) of the Wealth-tax Act, 1957, and as such in confirming the order of the Appellate Assistant Commissioner whereby he held that the assessee was entitled to exemption under Section 5(1)(xxxii) of the Act in respect of his interest in the said firm ?"
(2.) List is revised. None appears for the assessee. We have, therefore, heard only learned standing counsel for the Department.
(3.) The opposite party is a partner in the firm, Messrs. Amjad Ali and Co., Meerut, which is said to be engaged in the manufacture and processing of tobacco. The Tribunal relying on the order of the Appellate Assistant Commissioner found : "The process which the raw tobacco has to undergo till it reaches the final stage of sale to beeri merchants has been mentioned by the assessee in his submission to the Appellate Assistant Commissioner. In our opinion, the Appellate Assistant Commissioner was correct in giving the Wealth-tax Officer necessary directions to give the assessee relief under Section 5(1)(xxxii) of the Wealth-tax Act, 1957.";