TMI Blog2014 (4) TMI 1019X X X X Extracts X X X X X X X X Extracts X X X X ..... mmittees are entitled for registration u/s 12A/12AA and directed the DIT(E) to grant registration - the orders of ITAT on the issue of granting registration are yet to be implemented by the DIT(E) – thus, the matter is required to be remitted back to the AO to allow exemption u/s 11, after the DIT(E) grants registration u/s 12A – Decided in favour of Assessee. - ITA.No.1663/Hyd/2013, ITA.No.1664/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee that Market Committee did not constitute income let alone taxable income for the reasons that the collections made by the assessee were burdened with an overriding statutory obligation cast upon it by the Andhra Pradesh (Agricultural Produce and Live Stock) Markets Act, 1966 and the Rules made thereunder. The contention of the assessee is that its income continues to be exempt u/s. 10(20) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appeal before the Ld. CIT(A). The Ld. CIT(A) while relying on the decision of the jurisdictional High Court in the case of CIT vs. Agricultural Market Committee 337 ITR 299 wherein it was held that assessees are entitled for exemption but section 10(26AAB) inserted by Finance Act, 2008 w.e.f. 01.04.2009 cannot be applied retrospectively, dismissed the assessees contention that assessees are eligib ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ommittee, Kubir, Adilabad 336 ITR 641 wherein the Hon ble High Court of A.P. held that Agricultural Market Committees are entitled for registration under section 12A/12AA and directed the DIT(E) to grant registration. Since this orders of ITAT on the issue of granting registration are yet to be implemented by the DIT(E), in the interest of justice, we set aside both the assessment orders and resto ..... X X X X Extracts X X X X X X X X Extracts X X X X
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