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HON’BLE THE CHIEF JUSTICE SHRI MADAN B. LOKUR AND HON’BLE SHRI JUSTICE SANJAY KUMAR
I.T.T.A.No.483 of 2011
Date: 08-02-2012
Between
Commissioner of Income Tax, Rajahmundry … Petitioner
and
Agricultural Market Committee, Yanam … Respondent
HON’BLE THE CHIEF JUSTICE SHRI MADAN B. LOKUR AND HON’BLE SHRI JUSTICE SANJAY KUMAR
I.T.T.A.No.483 of 2011
Judgment: (per Hon’ble the Chief Justice Shri Madan B. Lokur)
Learned counsel for the parties are agreed that in view of the decision rendered by this Court in CIT v. AGRICULTURE MARKET COMMITTEE[1], the proposed questions of law are required to be answered in favour of the Revenue and against the assessee.
The proposed questions of law are as follows: “(A) Whether the Appellate Tribunal is justified in adjudicating the issue relating to taxability of Agricultural Market Committee on the anvil of Section 10(26AAB) of the Income Tax Act, though such a contention was never urged either in appeal memo or at the time of hearing of the appeal?
(B) Whether the Appellate Tribunal is justified in holding that Section 10(26AAB) of the Income Tax Act as introduced by the Finance Act of 2008 w.e.f. 1.4.2009 is declaratory in character and hence, retroactive in operation? (C) Whether the Appellate Tribunal is justified in not holding that Section 10(26AAB) of the I.T.Act insofar as carving exemption in favour of Market Committees from levy of tax is amending in nature and hence liable to be given effect to w.e.f. 1.4.2009?”
(D) Whether the Appellate Tribunal is justified in holding that Agricultural Market Committee is exempt from income tax for the period in question inspite of the decision of the Hon’ble Supreme Court in the case of Agricultural Market Committee, Narela Vs. CIT (305 ITR 1)?”
Reference answered accordingly.
______________________ MADAN B. LOKUR, CJ
___________________ SANJAY KUMAR, J 08th February, 2012. Ak/Bnr [1] (2011) 337 ITR 299 (AP)