TMI Blog1981 (1) TMI 43X X X X Extracts X X X X X X X X Extracts X X X X ..... n received for handling the goods is not the business income and was not exempt under section 10(29) ? (2) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the interest received from the banks on deposits of moneys held in the course of its business was not incidental or consequential to the activities of the business and was taxable under the head 'Income from other sources' and thus not exempt under section 10(29) ? " The material facts giving rise to this reference briefly are as follows: The assessee is a corporation established under the provisions of the Warehousing Corporations Act, 1962. For the assessment years 1972-73 and 1973-74, the assessee had received commission charge ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e State Warehousing Corporation, which alone was exempt from taxation under s. 10(29) of the Act. The decision reported in U. P. State Warehousing Corporation v. ITO [1974] 94 ITR 129 (All) dealt with the question as to whether the U. P. State Warehousing Corporation was an authority 'constituted' for the marketing of commodities. That question is not in issue in the instant case. Learned counsel for the parties conceded that the decision in U. P. State Warehousing Corporation v. ITO [1974] 94 ITR 129 (All)has no bearing on the questions involved in the instant case. Hence, the first question referred to this court by the Tribunal should, in our opinion, be reframed to bring out the real controversy between the parties. We, therefore, ref ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se words which do not occur there. Moreover, all the activities of a body constituted for the marketing of commodities are such which ultimately may be found to facilitate the marketing of commodities. If income derived from every activity of an authority constituted for the marketing of commodities was meant to be exempted under cl. (29), then the said provision would have been enacted as follows: "any income derived by an authority constituted under any law for the time being in force for the marketing of commodities." Such a provision would be found in cls. (20A), (21) and (22) of s. 10 of the Act. A perusal of these clauses would show that only such income as is derived from a particular source is exempted by cl. (29) of s. 10 of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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