2001 (9) TMI 91

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.... court was delivered by P. K. BALASUBRAMANYAN J.-This appeal by the Commissioner of Income-tax questions the deduction of an item of income of the assessee co-operative society, an apex society. The Income-tax Appellate Tribunal in its judgment, followed the decision of the Supreme Court in Kerala State Co-operative Marketing Federation Ltd. v. CIT [1998] 231 ITR 814, and held that even though ....

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.... April 1, 1968 (following sub-clause was substituted for sub-clause (iii) with effect from April 1, 1968, 'the marketing of agricultural produce grown by its members, or'), the assessee is entitled to the deduction/benefit of section 80P(2)(a)(iii) of the Income-tax Act? 2. Whether, on the facts and in the circumstances of the case and also in the light of the amendment with retrospective effec....

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.... clarified that the agricultural produce must be grown by the members of the apex societies. Thus, the position is that merely because the produce is grown by the members of the member societies that would not enable the assessee to claim deduction under section 80P(2)(a)(iii) of the Act. In the light of the amendment brought to section 80P(2)(a)(iii) of the Act with retrospective effect, the s....