Om Prakash, J. - (1.) At the instance of the Revenue, two following common questions relating to the assessment year 1974-75 have been referred by the Appellate Tribunal to this court under Section 27(1) of the Wealth-tax Act, 1957, for its opinion : " 1. Whether the Income-tax Appellate Tribunal was correct in law in holding that fabrication of leather boots be regarded as manufacturing or processing of goods within the meaning of Section 5(1)(xxxii) of the Wealth-tax Act, 1957 ?
(2.) In case the answer to question No. 1 is in the affirmative, whether the Income-tax Appellate Tribunal was correct in law in holding that M/s. H. Maula Buksh Sons and Co. was an industrial undertaking within the meaning of Section 5(1)(xxxii) of the Wealth-tax Act, 1957, even though the firm did not manufacture the leather boots itself ?"
(3.) The assessees in both the cases are partners in the firm, M/s. H. Maula Buksh Sons and Co., which claims to be engaged in the manufacture of leather boots. In short, the claim of the assessees in these cases is that the aforesaid firm being engaged in the manufacturing and processing of leather boots, is an industrial undertaking within the meaning of Section 5(1)(xxxii) of the Act and, therefore, the assessee's interest therein is exempt within the meaning of Section 5(1)(xxxii) of the Act.;