TRAVANCORE-COCHIN CHEMICALS (P.) LTD. vs COMMISSIONER OF WEALTH-TAX, KERALA

The Supreme Court interpreted the term 'established' in Section 45(d) of the Wealth Tax Act, 1957, clarifying that it does not equate to 'incorporated'. The Court held that a company is considered 'established' when it is ready to function as a business, which in this case was determined to be December 1953 or January 1, 1954. Consequently, the appellant was entitled to wealth tax exemption for the assessment years 1957-58 and 1958-59, but not for 1959-60, affirming the Kerala High Court's ruling on the matter.