1988 (11) TMI 78 - HC - Income Tax

Summary

The High Court of Punjab and Haryana ruled that a private limited company is not entitled to claim deduction under section 10(29) of the Income-tax Act for rental income from letting out godowns. The court held that only statutory authorities constituted under law for marketing of commodities can claim this deduction. The decision was based on previous rulings and the company's status under the Companies Act. The court ruled in favor of the Revenue and against the assessee.