Judgment

SIKRI, J. :- These appeals by certificate granted by the Bombay High Court under Section .66A (2) of the Indian Income-tax Act, 1922, hereinafter referred to as the Act-are directed against its judgment in Income-tax Reference No. 45 of 1960 by which it answered the first question of law referred to it by the Income-tax Appellate Tribunal in favour of the National Storage Lt., Bombay, hereinafter referred to as the assessee. The following questions were referred to the High Court by the Appellate Tribunal at the instance of the Commissioner of Income-tax, Bombay City I, Bombay :

"1. whether on the facts and circumstances of the case, the vaults were used for the purposes of the business and income arising therefrom is assessable under Section 10 ?

2. If the answer to question 1 is in the negative, whether the income is assessable under Section 9 or Section 12?"

2. The relevant facts and circumstances are as follows: The assessee was promoted because the Government of India promulgated the Cinematograph Film Rules, 1948, hereinafter referred to as the Film Rules according to which the distributors were required to store films only in godowns constructed strictly in conformity w