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2014 (3) TMI 587 - HC - Income TaxEligibility for exemption u/s 10(29) of the Act – Held that:- The functions of the State Corporation are almost on similar lines as that of the Central Warehousing Corporation - the assessee is an authority constituted under law to satisfy one of the requirements of Section 10(29) of the Act - Relying upon Rajasthan State Warehousing Corporation Versus Commissioner of Income-Tax [1999 (4) TMI 3 - SUPREME Court] - the exemption under Section 10(29) is categorical in its language and the exemption is applicable only by the circumstances as envisaged in the Section - If the letting of godowns or warehouses was for any other purpose other than the stated purpose or the income is derived from any other source, then, the income could not possibly come within the ambit of Section 10(29) of the Income Tax Act and interest income on fixed deposits would not qualify for relief under Section 10(29) of the Income Tax Act - Claim of exemption on income from house property, from bank receipts, income on loans and advances made to the members of the staff are concerned - as the income not being derived from the activities enumerated in Section 10(29) of the Income Tax Act, no exemption would be granted. Any income derived from the nature of activity specified in Section 10(29) of the Income Tax Act, namely, letting of godowns and warehouses for storage, processing, facilitating the marketing of commodities are qualified for exemption under Section 10(29) of the Income Tax Act – Decided partly in favor of assessee.
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