Sec 10(26aab)
This query is : Resolved
29 January 2014
Income Tax Whether Sec 10 26AAB of the IT Act 1961 exempts income of Agricultural Market Committees AMCs from the levy of income tax under the Act inserted by the Finance Act 2008 w e f 1st April 2009 is retrospective in operation?
Any Decided Cases?
Any Decided Cases?
29 January 2014
Dear Jagadish,
The section is prospective in nature as you can gather from the memorandum to the Finance Act 2008 point 7.1 and 7.2
The same was upheld in the case of Agricultural Produce Market Committee Vs. CIT reported in [305 ITR 1]
The same view was accepted by Hyderabad bench of ITAT while adjudicating on a batch of appeals on the same matter.
However, there is one judgment: Agricultural Market Committee vs. ACIT in ITA No.90/Vizag/2007 wherein it was held that the section has retrospective application.
In my view this judgment is erroneous and was also not considered by Hyd bench while adjudicating on the aforementioned matter.
The section is prospective in nature as you can gather from the memorandum to the Finance Act 2008 point 7.1 and 7.2
The same was upheld in the case of Agricultural Produce Market Committee Vs. CIT reported in [305 ITR 1]
The same view was accepted by Hyderabad bench of ITAT while adjudicating on a batch of appeals on the same matter.
However, there is one judgment: Agricultural Market Committee vs. ACIT in ITA No.90/Vizag/2007 wherein it was held that the section has retrospective application.
In my view this judgment is erroneous and was also not considered by Hyd bench while adjudicating on the aforementioned matter.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
