Law: Income Tax Act, 1961

Section: 10(29)

Income-tax-----Exemption---Income of authority constituted for marketing of commodities, from letting out godowns or warehouses---Interest income and other income of such authority, whether entitled to exemption--- Conflict of opinion in decisions of Supreme Court---Matter to be placed before a larger Bench of Supreme Court---Indian Income Tax Act, 1961, S. 10(29). Held, that on the question of exemption under section 10(29) of the Income Tax Act, 1961, in Orissa State Warehousing Corporation v. CIT (1999) 237 ITR 589 (SC) the Court had taken a somewhat different view, particularly, with regard to the interest income from that taken in the decision on which earlier special leave petitions were dismissed. Accordingly, the matter had to be placed before the Chief Justice for directions for placing the matter before a larger Bench for decision. Orissa State Warehousing Corporation v. CM (1999) 237 ITR 589 (SC); Union of India v. U.P. State Warehousing Corporation (1991) 187 ITR 54 (SC) and U.P. State Warehousing Corporation v. ITO (1974) 94-ITR 129 (All.) ref. THIS ORDER PASSED BY : The Revenue sought reference on the following questions of law for opinion of the High Court: "(1) Whether the claim of the assessee -for exemption under sec­tion 10(29) of the Income Tax Act, 1961, in respect of the interest income of Rs.6,03,374, staff quarters rent of Rs.5,147, miscellaneous income of Rs.5,647 and supervision charges of Rs.79,081 was rightly accepted by the Commissioner of Income-tax (Appeals) and confirmed by the Tribunal? (2) Whether the income received by the assessee from any source other than…

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