1984 (1) TMI 11

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....exemption under section 10(29) of the Income-tax Act, 1961, in respect of the income derived from the letting out of godowns or warehouses for storage, processing or facilitating the marketing of commodities ? " At the very start of the case, it was brought to our notice that the Board of Direct Taxes had granted exemption to the Central Warehousing Corporation with respect to these types of income but as these are directions which have to be followed by the income-tax authorities and there is a reference of the above question to this court, we have preferred to answer the question even though it may prove to be of academic interest only. At the very start of the discussion, it is necessary to quote s. 10(29) of the Act which is in the fo....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....actly the same. The only additional function of the Central Warehousing Corporation is that it can subscribe to the share capital of a State Warehousing Corporation. Therefore, essentially, a State Warehousing Corporation is almost identical with the Central Warehousing Corporation which is set up under s. 3 of the aforementioned Act. In the judgments which are U.P. State Warehousing Corporation v. ITO [1974] 94 ITR 129 (All); CIT v. Haryana Warehousing Corporation [1978] 112 ITR 374 (P & H); Addl. CIT v. Karnataka State Warehousing Corporation [1980] 125 ITR 136 (Kar) and CIT v. Gujarat State Warehousing Corporation [1980] 124 ITR 282 (Guj), the Allahabad, the Punjab and Haryana, the Karnataka and the Gujarat High Courts have held in resp....