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TMI Blog1982 (11) TMI 20X X X X Extracts X X X X X X X X Extracts X X X X ..... der s. 256(1) of the I.T. Act, 1961 (hereinafter referred to as " the Act"), the Income-tax Appellate Tribunal, Indore Bench, Indore, has referred the following question of law for the opinion of this court : " (1) Whether, on the facts and in the circumstances of the case, the Tribunal correctly stated the ratio of the decisions in [1974] 94 ITR 129 (All) (U.P. State Warehousing Corpn. v. ITO an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ? " The material facts giving rise to this reference as set out in the statement of the case are as follows : The assessee is a warehousing corporation and besides income from letting of godowns or warehouses for storage, processing or facilitating the marketing of commodities, it has also derived income from interest and agency commission. The assessee claimed that the income received by it by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee was not entitled to any set-off of interest paid against the income derived from interest. At the instance of the assessee the Appellate Tribunal has referred the aforesaid questions of law for the opinion of this court. As regards questions Nos. 1 and 2 similar questions were referred by the Appellate Tribunal for the opinion of this court in respect of the assessment of the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case, the Tribunal was justified in holding that the commission charges received by the assessee for handling the goods was not exempt under section 10(29) of the Income-tax Act, 1961 ? " Our answer to the aforesaid question No. 1 as refrained by us and question No. 2 above are in the affirmative and against the assessee. As regards question No. 3, the Tribunal held that there was no nexus betwe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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