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2014 (3) TMI 251 - AT - Income TaxRetrospective/retroactive application of section 10(26AAB) – income of an agricultural produce market committee or board - Held that:- The decision in Commissioner of Income-tax Versus Agriculture Market Committee [2011 (3) TMI 751 - Andhra Pradesh High Court] followed - the provisions of sec. 10(26AAB) of the Act inserted by the Finance Act 2008 w.e.f. 1.4.2009 shall have prospective operation and accordingly - the said provisions cannot be applied retrospectively from 1.4.2003 - the exemption was to be granted to AMCs prior to 1.4.03 as a local authority and after 1.4.09 u/s 10(26AAB) - the assessee's contention that they are eligible for exemption u/s 11 are to be accepted – thus, the matter remitted back to the AO for fresh adjudication. Claim of exemption u/s 11 of the Act - Whether the direction may be given to the CIT to grant Registration u/s 12A and Exemption u/s 11(1) & 11(2) of Act – Held that:- Income of the AMC from different sources i.e. license fees, market fees, losses, etc. which is derived with a profit motive has been considered - license fee is to be considered as income of Assessee - Assessee's claim for exemption has to be considered with reference to the provisions of section 11of the Act - the entire assessment has to be reconsidered afresh in the light of the various decisions of the Hon'ble High Court and Tribunal on this issue - The issue of claim of exemption u/s 11 of the Act and taxation of various incomes and its application has to be re-examined by the AO in the light of the facts of the case and law on the issue – the matter is remitted back to the AO for fresh adjudication – Decided in favour of Assessee.
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