- (1.) THE Tribunal, Delhi, has referred the following questions of law under s. 256(1) of the IT Act, 1961 (hereinafter referred to as 'the Act') for opinion to this Court: "1. Whether the Tribunal was right in holding that under s. 10(29) only income derived from the letting of godowns or warehouses for storage, commodities was exempt ?
(2.) WHETHER the Tribunal was right in upholding the order of the CIT(A) that 38 per cent of the assessee's income pertained to the marketing of sugarcane seeds - 2. We have heard Sri Vikram Gulati, learned counsel for the appellant and Sri A.N. Mahajan, learned standing counsel for the Revenue.
(3.) THE reference relates to the asst. yr. 1982 -83. It is agreed between the learned counsel for the parties that the questions have to be answered in favour of the assessee in view of decisions given by this Court in IT Ref. No. 86 of In view of the agreement between the learned counsel for the parties, we answer both the questions in negative i.e., in favour of the assessee and against the Revenue.;