9911796707
TMI Blog1979 (7) TMI 153X X X X Extracts X X X X X X X X Extracts X X X X ..... is a Co-operative Marketing Society located at Ooty, Nilgiris. Its objects are specified in the by-laws, a copy of which is placed before us. The assessee had entered into an agreement on 22nd Aug., 1972 with the Government of Madras whereby it had agreed to hold certain stocks of fertilizers of the Government of Madras and safely store those on behalf of the Government and issue the same accordin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it is business income and, therefore it was eligible for exemption. But the AAC also held that it is income from other sources. So the appeals were dismissed. 3. What we think is that the question whether it is business income or income from other sources is irrelevant for the purpose of disposal of these two appeals. The exemption claimed by the assessee does not depend on the question whether ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ure of the receipt. The Deptl. Rep. argued that the godowns or warehouses are not placed at the disposal of the Government and that the receipt is not actual rental for letting of godowns or warehouses. The Deptl. Rep. argued that the assessee retained the possession of its godowns and warehouses and only stocked the goods of the Government in its godowns and warehouses and that that activity of s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upheld the claim of the assessee for exemption on the ground that there is letting of godowns or warehouses of the assessee for storage, processing or facilitating the marketing of commodities. So in this case before us there is letting of godowns or warehouses by the assessee. So, following the Madras High Court decision, allow the claim of the assessee for exemption. 4. The other argument of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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