B. P. JEEVAN REDDY CJ.

( 1 ) UNDER Section 256 (1) of the Income-tax Act, 1961, the Income-tax Appellate Tribunal has stated the following questions--one relating to the assessment year 1973-74 and the other relating to the assessment year 1974-75. They read as follows :

( 2 ) ASSESSMENT year 1973-74 :

"whether, on the facts and in the circumstances of the case, the Tribunal was legally correct in holding that the assessees income from miscellaneous receipts was exempt from tax within the meaning of Section 10 (29) of the Income-tax Act, 1961 ; notwithstanding the provisions of section 39 of the Warehousing Corporations Act, 1962 ?"

( 3 ) ASSESSMENT year 1974-75 :

"whether, on the facts and in the circumstances of the case, the Tribunal was legally correct in holding that the assessees income from miscellaneous receipts and commission on procurement of wheat for Food Corporation of India was exempt from tax within the meaning of Section 10 (29) of the Income-tax Act, 1961, notwithstanding the provisions of Section 39 of the warehousing Corporation Act, 1962 ?"

( 4 ) THE respondent-assessee is a statutory corporation established under the Warehousing corporations Act, 1962. During the pr

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