Commissioner of Income Tax, Meerut vs District Co-operative Federation

The income tax Appellate Tribunal, Delhi has referred the following question of law u/s 256(1) of the income tax Act, 1961 (hereinafter referred to as ''the Act'') for opinion to this Court :-- "Whether on facts and in the circumstances of the case, the Tribunal was correct in holding that the income from cold storage was income from letting of warehouse, so exempt u/s 80P(2)(e) of the income tax Act, 1961?"

Briefly stated the facts giving rise to the present reference are as follows:

The reference relates to the assessment year 1980-81.

We have heard Shri A.N. Mahajan, the learned standing counsel for the revenue. Shri Vikram Gulati has filed his appearance on behalf of the respondent-assessee. We find that identical question of law came up for assessment year 1979-80 in Commissioner of Income Tax Vs. District Co-operative Federation, and this Court vide judgment and order dated 25th September, 2004 has held that the income of the assessee-co-operative society from a cold storage was rightly exempt under the provisions of section 80P(2)(e) of the income tax Act, 1961. Respectfully following the aforesaid decision, we answer the question of law referred to us in affirmative, i.e., in favour of the assessee and against the revenue. However, there shall be no order as to costs.