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JUDGMENT Satish Chandra, J.- The U.P. State Warehousing Corporation has approached this court under article 226 of the Constitution with a prayer that the notice of demand dated 22nd May, 1973, issued by the Income-tax Officer, Lucknow, requiring the petitioner to pay a sum of Rs. 30,12,669 as advance tax for the assessments year 1974-75 be quashed and the respondents be directed not to recover any advance tax from the petitioner. The petitioner alleges that in its assessment for the last several years it had been claiming exemption from income-tax in respect of its income from letting its warehouses, but this claim has been consistently rejected by the Income-tax Officer as well as the Appellate Assistant Commissioner and the matter is now pending in appeal before the Tribunal. It is hence futile to raise the same objection before the Income-tax Officer who has issued the impugned notice of demand. The petitioner prays that the question of law whether the petitioner is entitled to exemption under section 10(29) of the Income-tax Act of 1961, be decided by this court. Section 10(29) of the Act of 1961 provides: "10. In computing the total income of a previous year of any person, any income falling within any of the following clauses shall not be included-,,,, (29) in the case of an authority constituted under any law for the time being in force for the marketing of commodities, any income derived from the letting of godowns or warehouses for storage, processing or facilitating the marketing of commodities." Under this provision, an assessee would be entitled to exemption if- (1)it is an authority constituted under any law ; (2)it is an authority constituted for the marketing of commodities; and (3)the exemptible income is in respect of letting of godowns or warehouses for storage, processing or facilitating the marketing of commodities. Section 28 of the Agricultural Produce (Development and Warehousing Corporation Act, No. 28 of 1956, provided that the State Governments may, with the approval of the Central Warehousing Corporation, establish State Warehousing Corporations. Accordingly, the LJ. P. State Warehousing Corporation, the petitioner, was established…

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