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TMI Blog1990 (10) TMI 4X X X X Extracts X X X X X X X X Extracts X X X X ..... odities - assessee having fulfilled all the tests was rightly entitled to the exemption as claimed u/s 10(29) - - - - - Dated:- 31-10-1990 - S. C. AGARWAL. and M. M. PUNCHHI. ORDER This appeal by certificate is directed against the judgment and order dated November 30, 1973, of the Allahabad High Court at Allahabad in Civil Miscellaneous Writ Petition No. 6122 of 1973 whereby the U. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Revenue. The claim of the assessee is based on section 10(29) of the Income tax Act, 1961 It provides : Section 10. "In computing the total income of the previous year of any person, any income falling within any of the following clauses shall not be included. (29) In the case of an authority constituted under any law for the time being in force for the marketing of commodities, any income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urt agreed with the assessee that it was such an authority. Keeping apart the reasoning given by the High Court, a plain reading of sub-section (29) of section 10 makes it evident that the authority must be constituted under any law for the time being in force which, in other words, means that it should be a creature of law. As an artificial person, it should be clothed with a personality ordained ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ities. These activities of the State Warehousing Corporation as an agent, undoubtedly, would be activities facilitating the marketing of commodities. This reasoning of ours is in addition to the reasoning assigned by the High Court in coming to the conclusion that the activities of the assessee have a business element. We agree with the High Court on that score also. The third test with regard t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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