Agriculture Produce Market Committee, Jalgaon V. ITO,Wd.1(3), Jalgaon

ITA 197/PUN/2010

• Counselvise Citation: [2011] 140 COUNSELVISE.COM (IT) 56421 (ITAT-PUNE)
• Duration Of Justice: 1 year(s) 6 month(s) 26 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-08-2011
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 02-08-2011
• Assessment Year: 2006-2007
• Appeal Filed On: 03-02-2010
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: ANN KAPTHUAMA

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH B , PUNE BEFORE SHRI I.C. SUDHIR JUDICIAL MEMBER AND SHRI D. KARUNAKARA RAO ACCOUNTANT MEMBER ITA NO. 197/PN/2010 (ASSTT. YEAR: 2006-07) AGRICULTURE PRODUCE MARKET COMMITTEE ... APPELLANT MARKET YARD, MIDC ARE, JALGAON DIST. JALGAON PAN : NOT AVAILABLE V. ITO WARD 1(3), JALGAON RESPONDENT APPELLANT BY : MS. DEEPA KHARE RESPONDENT BY : MS. ANN KAPTHUAMA ORDER PER I.C. SUDHIR, JM THE ASSESSEE HAS IMPUGNED THE FIRST APPELLATE ORDE R ON THE GROUND THAT THE LD. CIT(A) HAS ERRED IN CONFIRMING THE ACTION OF T HE A.O. IN DENYING THE EXEMPTION U/S. 10(20) OF THE ACT, HOLDING THAT THE ASSESSEE I S NOT A LOCAL AUTHORITY ENTITLED FOR EXEMPTION U/S. 10(20) OF THE ACT AND THEREBY CONFIR MING THE LOSS AT RS.9,88,289/- ASSESSED BY THE A.O. 2. WE HEARD AND CONSIDERED THE ARGUMENTS ADVANCED B Y THE PARTIES AND HAVE GONE THROUGH THE ORDERS OF THE AUTHORITIES BELOW. 3. WE FIND THAT THE ISSUE RAISED IS FULLY SETTLED A GAINST THE ASSESSEE BY THE HONBLE SUPREME COURT IN THE CASE OF AGRICULTURAL P RODUCE MARKET COMMITTEE, MANLA VS. CIT (2008), 218 CTR (SC) 433 HOLDING THAT AFT ER INSERTION OF EXPLANATION TO S. 10(20), AGRICULTURAL MARKET COMMITTEE NO MORE REMAI NS A LOCAL AUTHORITY, HENCE NOT ENTITLED TO EXEMPTION UNDER SECTION 10(20) OF THE A CT. WE THUS DO NOT FIND INFIRMITY IN THE FIRST APPELLATE ORDER IN THIS REGARD WHEREBY THE LD. CIT(A), IN OUR VIEW, HAS ITA . NO 197/PN/2010 AGRICULTURE PRODUCE MARKET COMMITTEE A.Y. 2006-07 PAGE OF 2 2 RIGHTLY UPHELD THE ACTION OF THE A.O IN DENYING TH E CLAIMED EXEMPTION U/S. 10(20) OF THE ACT TO THE ASSESSEE. THE FIRST APPELLATE OR DER IS THUS UPHELD. THE GROUND IS ACCORDINGLY REJECTED. 4. IN RESULT, APPEAL IS DISMISSED. THE ORDER IS PRONOUNCED IN THE OPEN COURT ON 30TH A UGUST 2011. SD/- SD/- ( D.KARUNAKARA RAO ) ACCOUNTANT MEMBER ( I.C. SUDHIR ) JUDICIAL MEMBER PUNE, DATED THE 30TH AUGUST, 2011 US COPY OF THE ORDER IS FORWARDED TO : 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT -II, NASHIK 4. THE CIT(A)- NASHIK 5. THE D.R. B BENCH, PUNE 6. GUARD FILE BY ORDER ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL PUNE