THE HON'BLE SRI JUSTICE GODA RAGHURAM AND THE HON'BLE SRI JUSTICE N.RAVI SHANKAR I.T.T.A.NO.207 of 2011 JUDGMENT: (Per. Hon’ble Sri Justice Goda Raghuram) This appeal by the Revenue under Section 260-A of the Income Tax Act, 1961 is directed against the order of the Income Tax Appellate Tribunal, Visakhapatnam Bench, Visakhapatnam, dated 03.08.2010 dismissing by a common order several appeals by the Revenue including ITA No.82/Vizag/2010 (against which the present appeal is filed), on the ground that the Commissioner of Income Tax (Appeals), Visakhapatnam, erred in holding that Section 10 (26AAB) of the Income Tax Act, 1961 (for short ‘the Act’) is retro-active in operation and thereby the income of these assesses is exempted under the said provision. Sri S.R.Ashok, learned Senior Counsel for the appellant and Smt.K.Lalitha, learned Standing Counsel for the Agricultural Market Committee submit that in view of the decision of a learned Division Bench of this Court in Commissioner of Income Tax, Rajahmundry vs. Agricultural Market Committee, Tanuku i.e., I.T.T.A.No.421 of 2010 and batch dated 30.03.2011, this appeal requires to be allowed as this Court has declared the law that the provisions of Section 10 (26AAB) of the Act are prospective and not retrospective. In view of the conjoint submission, the appeal is allowed in terms of the aforesaid decision of a learned Division Bench of this Court dated 30.03.2011 in ITTA No.421 of 2010 and batch. No order as to costs. _____________________________ JUSTICE GODA RAGHURAM _____________________________ JUSTICE N.RAVI SHANKAR 23.08.2011 Gsn