THE HON'BLE SRI JUSTICE V.V.S.RAO AND THE HON'BLE SRI JUSTICE RAMESH RANGANATHAN I.T.T.A.No.68 OF 2011 Date:18.04.2011 Between: Commissioner of Income Tax, Guntur … Appellant AND Agricultural Market Committee, Tenali … Respondent THE HON'BLE SRI JUSTICE V.V.S.RAO AND THE HON'BLE SRI JUSTICE RAMESH RANGANATHAN I.T.T.A.No.68 OF 2011 JUDGMENT: (Per Hon’ble Sri Justice V.V.S.Rao) This appeal is filed under Section 260A of the Income Tax Act, 1961 (the Act). By the impugned order the Income Tax Appellate Tribunal, Visakhapatnam Bench took the view that Section 10(26AAB) of the Act is retrospective, and dismissed the appeal filed by the Revenue. Section 10(26AAB) of the Act exempts income of Agricultural Market Committees (AMCs) from the levy of income tax under the Act. It was inserted by the Finance Act, 2008 with effect from 01.04.2009. The question whether the said provision is retrospective in operation has been considered by this Division Bench in Commissioner of Income Tax, Rajahmundry v. Agricultural Market Committee, Tanuku[1]. It was held therein that Section 10(26AAB) of the Act is prospective in operation. The decision therein – both the Counsel do not dispute – squarely covers the issue that is raised in this appeal. Following the decision in AMC Tanuku (supra) this appeal is accordingly allowed without any order as to costs. _______________ (V.V.S.RAO, J) ______________________________ (RAMESH RANGANATHAN, J) 18.04.2011 KH [1] ITTA Nos.421 of 2010 and batch, dated 30.03.2011