Supreme Court of India
Orissa State Warehousing Corpn. Etc. v. Commissioner of Income Tax
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We hold that the assessee is entitled A to claim exemption in respect of interest income amounting to Rs.11,41,350.
Judgment, page 11
From the headnote
Income Tax Act 1961, s. 10(29)-Whether interest received from banks on fixed deposits was incidental to business activities and not taxable under the head 'income from other sources' and thus exempt under s. 10(29)-Held, no; exemption allowed only for income derived from letting out of commodities, godowns and warehouses Interpretation of Statutes-Golden rule-Fiscal Statute-Court to ascribe natural and ordinary meaning to words and not substitute own impression in place of legislative intent. The appellant-assessees were warehousing corporations established under the Warehousing Corporation
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