THE HON’BLE THE CHIEF JUSTICE SHRI MADAN B. LOKUR AND THE HON’BLE SHRI JUSTICE SANJAY KUMAR I.T.T.A. No.356 OF 2011 DATED:03-12-2011 Between: Commissioner of Income Tax, Guntur. … Appellant And Agricultural Market Committee … Respondent THE HON’BLE THE CHIEF JUSTICE SHRI MADAN B. LOKUR AND THE HON’BLE SHRI JUSTICE SANJAY KUMAR I.T.T.A. No.356 OF 2011 JUDGMENT: (per the Hon’ble the Chief Justice Shri Madan B. Lokur) 1. The substantial question of law raised in this case is with regard to the interpretation of Section 10(26AAB) of the Income Tax Act, 1961 (hereinafter referred to as “the Act”) and whether it has retrospective operation. 2. It is pointed out by learned counsel for the Revenue that a large number of cases have already been dealt with the same issue and it has been held that the Section has prospective operation only. Learned counsel for the Revenue refers to a decision of a Division Bench of this Court in Commissioner of Income Tax vs. Agricultural Market Committee[1]. 4. Following the said decision already rendered, this appeal is allowed and it is held that Section 10(26AAB) of the Act is only prospective in operation. MADAN B. LOKUR, CJ SANJAY KUMAR, J 03-12-2011 pnb [1] (2011) 337 IT R 299 (AP)