1979 (7) TMI 153

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... time barred, by 17 days. Delay excused. Both appeals admitted. 2. The assessee is a Co-operative Marketing Society located at Ooty, Nilgiris. Its objects are specified in the by-laws, a copy of which is placed before us. The assessee had entered into an agreement on 22nd Aug., 1972 with the Government of Madras whereby it had agreed to hold certain stocks of fertilizers of the Government of Ma....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... is eligible for exemption. So the assessee appealed to the AAC on the ground that it is business income and, therefore it was eligible for exemption. But the AAC also held that it is income from other sources. So the appeals were dismissed. 3. What we think is that the question whether it is business income or income from other sources is irrelevant for the purpose of disposal of these two app....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... us, is complete proof of that fact. This agreement throws abundant light on the nature of the receipt. The Deptl. Rep. argued that the godowns or warehouses are not placed at the disposal of the Government and that the receipt is not actual rental for letting of godowns or warehouses. The Deptl. Rep. argued that the assessee retained the possession of its godowns and warehouses and only stocked t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ts of the Deptl. Rep. and had rejected those. In that case the Madras High Court has upheld the claim of the assessee for exemption on the ground that there is letting of godowns or warehouses of the assessee for storage, processing or facilitating the marketing of commodities. So in this case before us there is letting of godowns or warehouses by the assessee. So, following the Madras High Court ....