JUDGMENT :

Shah, J.

1. This is an appeal with special leave against the Judgment of the Income Tax Appellate Tribunal, Calcutta Bench, Calcutta. The appellant is a private company registered under the Indian Companies Act incorporated with the objects amongst others, (1) to buy and develop landed properties, and (2) to promote and develop markets. In 1946, the appellant purchased ten bighas of land in the town of Calcutta and set up a market therein. The appellant constructed shops, and stalls on platforms on that land. For Assessment Year 1953-54, the appellant received Rs 53,145 as income from the tenants of shops and Rs 29,721 from the tenants or occupants of stalls. The Income Tax Officer assessed the income derived from shops and stalls under Section 9 of the Income Tax Act. The order of assessment was confirmed in appeal by the Appellate Assistant Commissioner and by the Tribunal. The appellant has obtained special leave to appeal against the order of the Tribunal.

2. The appellant contends that because it is a company formed with the object of promoting and developing markets, its income derived from the shops and stalls is liable to be taxed under Section 10 of the Income Tax