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TMI Blog1990 (10) TMI 4X X X X Extracts X X X X X X X X Extracts X X X X ..... l Miscellaneous Writ Petition No. 6122 of 1973 whereby the U. 1P. State Warehousing Corporation, the respondent herein, was granted exemption as envisaged under section 10(29) of the Income-tax Act, 1961. The U. P. State Warehousing Corporation is a creature of the Warehousing Corporations Act, 1962. The Income-tax Officer, Lucknow, required the appellant to pay a sum of money as advance tax for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng 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." As is apparent, the assessee would be entitled to exemption if (i) it is an authority constituted under any law. (ii) it is an authority constituted for marketing of commodities. (iii) the exemptable income is in respec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... son, it should be clothed with a personality ordained by law, The power of the authority, whether it is wide or narrow, as discussed by the High Court, with due respect, appears to us alien for the concept with which we are concerned in clause (29) of section 10. So the ancillary test, we say so unhesitatingly, was also satisfied that the assessee was an authority constituted under the law. The s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t on that score also. The third test with regard to the exemptible income being in respect of letting of godowns or warehouses for storage, processing or facilitating the marketing of commodities presents no difficulty because it stands undisputed that the income derived by the assessee was from letting of godowns or warehouses. The assessee having fulfilled all the tests was rightly entitled to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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