TMI Blog2010 (10) TMI 854X X X X Extracts X X X X X X X X Extracts X X X X ..... As assessee claimed deduction of income from marketing produce of the farmers without showing that the said produce was grown by the farmers. In view of the amendment which has been upheld by Hon'ble Supreme Court in National Agricultural Co-operative Marketing Federation [2003 (3) TMI 3 - SUPREME Court] the assessee was not entitled to the deduction - in favour of the revenue. - Civil Writ Petit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t) Act, 1998 which operates from 1-4-1968. By the said amendment word "of" has been substituted by "grown by". Thus, deduction allowed to the assessee from income from marketing of agricultural produce 'of members' is no longer available unless the produce is 'grown by' them. 4. Learned counsel for the assessee fairly states that during the pendency of this petition, the said provision was con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng that rent received by the appellant from godowns is income from "business", thus computing the income under the head "business or profession" and not under the head "income from house property?" 7. Learned counsel for the appellant submits that question No. 1 is covered against the assessee by judgment of Hon'ble Supreme Court in National Agricultural Co-operative Marketing Federation of In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eme Court in [2003] 260 ITR 548 and the orders of Hon'ble Supreme Court in Civil Appeal No. 3995 of 2004 in petitioner's own case the assessment with regard to assessment year 1994-95 could be rectified on the basis of the amendment as it caused unforeseeable financial burden on the appellant inasmuch as it had planned its business affairs in accordance with the law as it prevailed prior to Suprem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 99,49,136, Rs.41,99,607, Rs.2,28,02,000 and Rs. 1,78,82,000 respectively for assessment years 1972-73, 1974-75, 1975-76, 1977-78, 1978-79, 1979-80, 1981-82 and 1982-83 was exempted u/s 80P(2)(a)(iii) of the Income-tax Act, 1961?" 11. It is not disputed that the assessee claimed deduction of income from marketing produce of the farmers without showing that the said produce was grown by the farm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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