2022 (10) TMI 568

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....eturn of income on 19.02.2008 declaring Nil income. The same was processed u/s 143(1) of the Act, 1961 (in short 'Act') and converted to scrutiny. Subsequently, notice u/s 143(2) and 142(1) were issued. Consequent to repealing of the provisions of sec.10(29) from the statute by the Finance Act, 2002 with effect from 01.04.2003, the Agricultural Market Committees which hitherto were enjoying exemption of their income from tax have become taxable entities w.e.f. the assessment year 2003-04 onwards. Accordingly, keeping in view the detailed discussions made and decisions taken for the A.Ys 2003-04 and 2004-05 and also since departmental appeals are pending against such orders before the Hon'ble ITAT, the Assessing Officer (AO) adopted the same....

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.... appellant's favour under similar circumstances. 6. For these and others that may be urged at the time of appeal hearing, appellant prays the appeal may be allowed. 5. Ground No.1, 5 and 6 are general in nature, which do not require specific adjudication. 6. Ground No.2,3 and 4 are related to availability of registration u/s 12AA and exemption of income u/s 11 & 12 of the Act. The Ld.AR submitted before the Ld.CIT(A) that exemption u/s 11 of the Act is applicable for the A.Y.2006-07 as the department allowed exemption for the A.Y.2006-07 under the same section. Ld.CIT(A) found that the assessee has not raised specific ground before the CIT(A) for claiming exemption u/s 11 of the Act. The Ld.CIT(A) observed that when there is no specific....