2009 (12) TMI 274

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.... facie adjustment made by the Assessing Officer under section 143(1)(a) read with section 154 of the Act by holding that lorry hire charges based on the return of income and accounts produced along with the returns cannot be treated as income exempt from tax as falling under section 80P(2)(a)(iv) of the Act, i.e., income from agriculture implements, seeds, livestock or other articles cannot be done as it involves a debatable issue?" 3. The respondent is a co-operative institution registered to promote agricultural activities to give benefit to the farmers who are its members. The assessee filed return of income for the assessment year 1998-99, the same was processed under section 143(1)(a). The Assessing Officer having noticed that the a....

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.... banking or providing credit facilities to its members, or (ii) a cottage industry, or (iii) the marketing of the agricultural produce grown by its members, or (iv) the purchase of agricultural implements, seeds, livestock or other articles intended for agriculture for the purpose of supplying them to its members, or (v) the processing, without the aid of power, of the agricultural produce of its members, or (vi) the collective disposal of the labour of its members, or (vii) fishing or allied activities, that is to say, the catching, curing, processing, preserving, storing or marketing of fish or the purchase of materials and equipment in connection therewith for the purpose of supplying them to its members, the whole o....