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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income from Warehousing Not Exempt u/s 10(29) for Marketing; Pending Appeals to be Withdrawn.</h1> The warehousing corporation is not exempt under section 10(29) of the Income Tax Act, 1961, as it is not considered 'an authority constituted under any law' for marketing commodities. The Board initially disagreed with the Allahabad High Court's decision that warehousing activities constituted marketing. However, following a similar ruling by the Punjab & Haryana High Court, the Board accepted that income from letting godowns or warehouses for storage or marketing is exempt under section 10(29). Consequently, the Board advises that pending appeals on this matter be withdrawn or conceded by the Commissioners of Income-tax.
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