2014 (4) TMI 1019

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.... M. These two appeals are by the assessee for assessment years 2004-05 and 2006-07. 2. Brief facts are that the assessee Agricultural Market Committee, Armoor claimed exemption under section 10(20) of the I.T. Act as local authority up to the A.Y. 2002-03. Consequent to the insertion of Explanation below sec.10(20) by Finance Act, 2002 w.e.f. 01.04.2003, incomes of 'Local Authority' not specifie....

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....is not as definitive as the other clauses are and thus, is capable of encompassing even the Agricultural Market Committees to in its meaning. The A.O. observed that in the case of Agricultural Produce Market Committee vs. CIT 173 Taxman 115 (SC) it has been held that "since an Agricultural Market Committee is neither a Municipal Committee nor a District Board" under the said Explanation to section....

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.... appeal filed before ITAT was pending. The Ld. CIT(A) on the facts as available at that point of time of passing the order did not accept the assessee's contention and rejected the grounds. 4. At the outset, Ld. Counsel submitted that the Hon'ble ITAT in its orders in ITA.No.928/Hyd/2013 dated 23.09.2013 and also orders in ITA.No.44/Hyd/2007 and ITA.No.156/Hyd/2008 dated 24.11.2008 directed the D....