- (1.) WE have heard Shri A.N. Mahajan, learned counsel for appellant, and Shri Vikram Gulati, learned counsel appearing for the respondent.
(2.) THIS is an IT reference under s. 256(1) of the IT Act, 1961, in which the following question has been referred to us for our opinion : "Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in directing that the income derived by the assessee -company was exempt under s. 10(29) of the IT Act, 1961 -
(3.) THE question referred to us is covered by the decision of the apex Court in Union of India vs. U.P. State Warehousing Corpn. (1990) 90 CTR (SC) 19 : (1991) 187 ITR 54 (SC), wherein it has been held that the income of the U.P. State Warehousing Corporation is exempted from payment of tax. The question referred to us, therefore, is answered in the affirmative, i.e., in favour of the assessee and against the Department.;