Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2011 (3) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (3) TMI 1382 - HC - Income TaxWhether 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 - assessee availed tax exemption under s. 10(20) of the Act till 1st April, 2002. By reason of insertion of the Explanation thereto, w.e.f. 1st April, 2003, they were denied the exemption and, therefore, s. 10(26AAB) of the Act was enacted providing exemption w.e.f. 1st April, 2009 - presumption against a statute not being retrospective has no application as s. 10(26AAB) of the Act is clarificatory and declaratory in nature - Held that:- s. 10(26AAB) of the Act inserted by the Finance Act, 2008 w.e.f. 1st April, 2009 cannot be applied retrospectively w.e.f. 1st April, 2003 and that the cl. (26AAB) in s. 10 of the Act is applicable w.e.f. 1st April, 2009 and shall accordingly apply for the asst. yr. 2009-10 and for the subsequent assessment years, appeals filed by Agricultural Market Committees dismissed
|