DY. COMMISSIONER OF INCOME TAX(E)-2(1), MUMBAI, MUMBAI vs. MUMBAI A P M C, MUMBAI

ITA 5611/MUM/2024Status: DisposedITAT Mumbai29 January 2025AY 2017-18Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)1 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that income of an APMC is exempt under Section 10(26AAB) of the Income Tax Act. Therefore, the prior registration u/s 12A or benefit u/s 11 had no relevance, and the assessee's income was not taxable.

What were the facts?

The Revenue appealed against the CIT(A)'s order granting exemption u/s 11 to the assessee, an Agricultural Produce Market Committee (APMC). The AO had denied this exemption, taxing the surplus income. The assessee's cross-objections supported the CIT(A)'s decision.

What were the issues?

Whether income of an Agricultural Produce Market Committee (APMC) is exempt from tax under Section 10(26AAB) of the Income Tax Act, overriding the provisions for exemption under Section 11.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 11,Section 139(4A),Section 2(15),Section 10(26AAB),Section 10(20),Section 12A,Section 11(7)

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Income Tax Appellate Tribunal, ‘D’ BENCH MUMBAI

Before: SHRI AMIT SHUKLA & SHRI GIRISH AGRAWAL&

For Appellant: Shri Kapil Hirani, Smt. Sanyogita Nagpal
Hearing: 27/01/2025Pronounced: 29/01/2025

PER BENCH: The aforesaid appeals have been filed by the Revenue and Cross Objections by the assessee against order dated 10/08/2024 passed by NFAC, Delhi for the quantum of assessment passed u/s.143(3) for the A.Y.2017-18 and 2018-19. 2. In the grounds of appeal, the Revenue has challenged that ld. CIT (A) has erred in granting exemption u/s.11 to the assessee on various grounds:- “1. On the facts an

The order continues below.

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