Satish Chandra, C.J. - The assessee is a Hindu Undivided Family. It claimed exemption u/S. 5(i)(xxxii) of the Wealth Tax Act, 1957n for the capital employed in the cold storage. This claim was upheld in appeal by the Commissioner as well as the Tribunal. At the instance of the Department, the Tribunal has referred for our opinion the question whether the assessee company was an industrial company within the meaning of the Wealth Tax Act and, therefore, entitled to concessional rate of taxation.
2. In Additional Commissioner of Income Tax vs. Farrukhabad Cold Storage, this court has held that the assessee was an industrial company within the meaning of the Wealth Tax Act. This decision is applicable to the present case.
3. We, therefore, answer the question referred to us in the affirmative in favour of the assessee and against the Department. The assessee will be entitled to costs which are assessed at Rs. 200/-.