2009 (8) TMI 1160

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..... ner : G. V. N. Hari For the Respondent : Rajiv Kumar Singh ORDER B. R. Baskaran (Accountant Member) These appeals, filed by the assessee are directed against the common order passed by the learned Commissioner of Income Tax (Appeals), Rajahmundry and they relate to the assessment years 2005-06 and 2006-07. 2. The assessee has filed applications seeking stay of collection of demand with the su .....

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..... that the amendment to section 10(26AAB) is clarificatory in nature and therefore retroactive in operation in the light of the replies given by the Finance Minister during the course of debate in Parliament while moving the Bill and hence by application of Section 10(26AAB) of the Act, the income of the Agricultural Market Committee, which was originally claimed to be exempt under Section 10(20) o .....

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..... retroactive in operation and applicable even for the prior years,. We order accordingly". Since the learned Counsel appearing on behalf of the assessees mainly pressed for consideration the said concerning exemption u/s 10(26AAB), having regard to the fact that the issue stands squarely covered by the aforesaid decision, we reverse the orders passed by the tax authorities and hold that the income .....

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