2000 (2) TMI 13 - SC - Income Tax

Whether, the claim of the assessee for exemption u/s 10(29), in respect of the interest income, staff quarters rent, miscellaneous income and supervision charges was rightly accepted by the CIT (Appeals) and confirmed by the ITAT - Whether, the income received by the assessee from any source other than from letting of godowns or warehouses is exempt under section 10(29) - there is conflict of opinion in decision of the Supreme Court and therefore, matter to be placed before a larger bench of SC

Summary

The Supreme Court dismissed the Revenue's application seeking reference on questions related to exemption under section 10(29) of the Income-tax Act, 1961. The court noted a conflict between previous decisions and directed the matter to be placed before a larger Bench for decision.