TaxTMI 
TaxTMI 
1976 (12) TMI 23
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....-72 whereas in the case of the Haryana Ware-housing Corporation are 1968-69 to 1971-72. These warehousing corporations were established under section 18(1) of the Warehousing Corporations Act, 1962, by notifications of the respective Governments of Punjab and Haryana. The assessee-corporations were assessed to income-tax on the income derived by them from the letting of their godowns during each year of account under consideration by the Income-tax Officer and the plea of exemption under section 10(29) of the Income-tax Act (hereinafter called "the Act ") was rejected. The order of assessment was upheld on appeal by the Appellate Assistant Commissioner. However, the Appellate Tribunal, relying on U.P. State Warehousing Corporation v. Incom....
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....laborate judgment, after taking into consideration the dictionary meaning of the term and other aspects, held that any legal entity or juristic personality constituted by law for the purposes of marketing commodities would be an authority within the meaning of section 10(29) of the Act and the warehousing corporation having been established under an Act of Parliament was an " authority " constituted under a law. Mr. D.N. Awasthy, learned counsel for the revenue, sought to challenge the correctness of this decision mainly on the ground, that the provisions of section 39 of the Warehousing Corporations Act were not taken into consideration by the Bench while interpreting the word " authority ". The said section 39 provides that for the purpo....
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.... within the meaning of article 12 of the Constitution of India. The considerations which weighed with the court were that the corporation was under the complete control and management of the Central Government ; that the citizens could not be shareholders ; that only specified institutions like scheduled banks could apply for the shares but the Central Government could acquire those shares and that the corporation could not be dissolved except by the Government. In the case of a warehousing corporation, it is also a statutory body and not a company. Its entire share-capital belongs to the Central Warehousing Corporation and the State Government. Its management is entirely in the control of the State Government and it cannot also be dissolve....