THE HONOURABLE SRI JUSTICE GODA RAGHURAM AND THE HONOURABLE SRI JUSTICE N. RAVI SHANKAR ITTA No. 342 of 2011 Dated: 18-10-2011 Between Commissioner of Income Tax-I Visakhapatnam …Petitioner And Agricultural Market Committee, Anakapalli …Respondent Oral Order: (Per Hon’ble Sri Justice Goda Raghuram) It is submitted by the learned Senior Counsel for the appellant- Revenue that in view of the judgment of this Court dated 303-2011 in ITTA No. 421 of 2010 and batch, this appeal requires to be allowed, since the STAT, Visakhapatnam Bench erred in concurring with the Commissioner of Income Tax (Appeals) who held that Section 10(26AAB) of Income Tax Act, 1961 is retroactive in operation and thereby the income of the respondent-assessee is exempt under the said provision. This Court in the judgment referred to has held that the provision of Section 10 (26AAB) of the Act is prospective in operation. Accordingly, the appeal is allowed. The order of STAT, Visakhapatnam Bench dated 3-8-2010 in ITA No.312/Vizag/2010 confirming the order of the Commissioner of Income Tax (Appeals) dated 30-3-2010 who set aside the orders of the Assessing Authority, is set aside. The Assessment Order dated 24-12-2009 of the Income Tax Officer, Ward I, Anakapalli is upheld accordingly. No costs. ______________________ GODA RAGHURAM, J 18th October, 2011 ______________________ N. RAVI SHANKAR, J GRR