1991 (3) TMI 34

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.... P. JEEVAN REDDY C. J.-Under section 256(1) of the Income-tax Act, 1961, the Income-tax Appellate Tribunal has stated the following questions one relating to the assessment year 1973-74 and the other relating to the assessment year 1974-75. They read as follows : Assessment year 1973-74 : "Whether, on the facts and in the circumstances of the case, the Tribunal was legally correct in holding....

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.... year relevant to the assessment year 1973-74, it derived income from what it called "Miscellaneous receipts". Similarly, during the previous year relevant to the assessment year 1974-75, it derived certain income from miscellaneous receipts and by way of commission on procurement of wheat for and on behalf of the Food Corporation of India. It claimed that the income so received is exempt under cl....

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....irst question, therefore, is whether the respondent-assessee is an authority constituted under any law for the marketing of commodities. That it does satisfy this requirement is established by a decision of this court in U. P. State Warehousing Corporation v. ITO [1974] 94 ITR 129, which is affirmed by the Supreme Court "in its decision in Union of India v. U. P. State Warehousing Corporation [199....

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....called miscellaneous receipts, they are more or less in the nature of rent received from warehousing. Once this is so, it is evident that though called miscellaneous receipts, they are in truth income derived from letting warehousing for storage, processing and facilitating the marketing of commodities. So far as the commission received by the assessee is concerned, it is dealt with in para 4 of t....