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Section 10(29) of the Income-tax Act, 1961 - Exemptions - Income of marketing societies from letting oat of godowns - Assessment year 1973-74 - Whether a co-operative marketing society registered under the Co-operative Societies Act, 1912 could be held to be 'authority' within meaning of section 10(29) and as such whole of its income was exempt - Held, no Facts The assessee, a co-operative marketing society, was registered under the Co-operative Societies Act, 1912. For the assessment year 1973-74, the assessee claimed that the whole of its income was exempted as it was covered by the provisions of section 10(29). The department disallowed the assessee's claim. On appeal, the Tribunal held that the assessee could not be treated as an 'authority' within the meaning of section 10( 29) and, therefore, its whole income was not exempt as claimed. On reference : Held A plain reading of the preamble of the Co-operative Societies Act, 1912, would show that it was not a law enacted by the Legislature to create an 'authority' but was enacted to facilitate the formation of co-operative societies for the purposes mentioned therein. Moreover, the provisions of section 80P deal specifically with deductions in respect of income of cooperative societies. The fact that co-operative societies have been specifically and separately dealt with in that manner, is a clear pointer to the legislative intent in not having co-operative societies fall within the ambit of section 10( 29). Therefore, the Tribunal was justified in holding that the assessee was not an 'authority' within the meaning of section 70(29). Case referred to Singhal Bros. (P. ) Ltd. v. CIT [1980] 124 ITR 147 (Cal.). B.S. Gupta and Sanjay Bansal for the Applicant. Ashok Bhan and Ajay Mittal for the Respondent. JUDGMENT Sodhi, J. - The assessee, the Ludhiana Co-operative Marketing Society Ltd., is a co-operative society registered under the Co-operative Societies Act, 1912. The controversy here is with regard to its claim for exemption for the whole of its income on the ground that it was covered by the provisions of section 10( 29) of the Income-tax Act, 1961 ('the Act'). 2. The Tribunal held that the assessee-society…

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