CIT Vs. DISTRICT CO-OPERATIVE FEDERATION LTD

JUDGEMENT

(1.) THE Income Tax Appellate Tribunal, Delhi, has referred following question of law under section 256(1) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') for opinion to this court : 'Whether, on the facts and in the circumstances of the case, the ITAT was correct in holding that the income of the assessee from cold storage was exempt under the provisions of section 80P(2)(e) of the Income Tax Act, 1961 ?'

(2.) BRIEFLY stated the facts involved in the present case are as under: The present reference relates to the assessment year 1984 -85. The respondent -assessee is a Co -operative Society. It claimed exemption under section 80P(2)(e) of the Act in respect of income of two cold storages situate at Bulandshahar and Jahangirabad. The assessing officer did not accept the claim of the respondent -assessee on the ground that in respect of the assessment year 1983 -84 the matter is pending before this Hon'ble court in reference. The Appellate Assistant Commissioner, however, has allowed the claim of the respondent -assessee which has been confirmed by the Tribunal.

(3.) WE find that this court in the ITR No. 115 of 1985 - CIT v. District Co -operative Federation Ltd. which is inter -party decided on 21 -9 -2004 : [2004]271ITR22(All) has held that the income from letting out the cold storage run by a Co -operative Society so exempt under section 80P(2)(e) of the Act, is itself an warehouse.