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TMI Blog2015 (9) TMI 640X X X X Extracts X X X X X X X X Extracts X X X X ..... of the ITAT in that year - Decided against Revenue. - I.T.A. No. 1616/HYD/2014 - - - Dated:- 3-7-2015 - SHRI B. RAMAKOTAIAH AND SHRI SAKTIJIT DEY, JJ. For the Respondent : Shri Rajat Mitra, DR For the Respondent : Shri C.S. Subrahmanyam Shri V. Siva Kumar, AR ORDER PER B. RAMAKOTAIAH, A.M. : This is Revenue's appeal against the order of the Commissioner of Income Tax (Appeals)-V, Hyderabad dated 26-06-2014. 2. Briefly stated, assessee is a company engaged in the business of seed production, research, marketing of field and vegetable crops, wind power generation. For the year under consideration, it admitted income of ₹ 1,62,03,160/- and claimed deduction u/s. 80IA(2) of the Income Tax Act [Act] ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appellant was allowed by Hon'ble ITAT for the A.Ys 2003-04 to 2006-07. The A.O. has disallowed the claim of the appellant stating that the department had not accepted the decision of the Hon'ble ITAT and filed further appeals before the High Court of A.P. 4.5 During the appeal proceedings, the appellant also filed the order of the Hon'ble ITAT fur the A.Ys 2008-08 and A.Y.2009-10, in the case of the appellant vide ITA Nos.1288 1289/Hyd/12 dated 4-1-2013, where the appellant's claim was allowed. The important portions of the order are reproduced as under: 4. The learned AR submitted before us that right from the assessment year 2003-04 itself the same dispute with regard to the claim of exemption u/s 10(1) is going ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r in ITA No. 1214 and 1215/Hyd/2010 dated 13-4-2012, the Tribunal held in the following manner:- We have considered the rival submissions and perused the orders of the Revenue authorities. The issue before us is with regard to eligibility of assessee for exemption u/s S.10 (1) in respect of the value of foundation/basic seeds produced by the assessee. We find that the decision of the Tribunal in the case of Swagath Seeds (P) Ltd. relied upon by the learned AR, before us, squarely covers this issue in favour of the assessee and against the revenue. Para-4 of the order of the Tribunal dated 16.5.2008 reads as under: 4 Admittedly, the assessee is cultivating by performing agricultural operation in order to generate basic foundation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the aforesaid decisions of the Tribunal and hold that the income generated from sale of basic seeds being agricultural income is exempt u/s 10(1) of the Act. Accordingly, we dismiss the ground raised by the department. 4.6 In fact, following the decisions of my predecessor and Hon'ble ITAT, Hyderabad, as mentioned above, I held that the income declared from the production of basic seeds was agricultural income and exempt u/s 10 (1) of the Act, in the appellant's own case for the A.Y.2010-11 vide ITA No. 398/ITO 16(2)/CIT(A)-V/2012-13 dated 16-12-2013. Hence, for the same reasons, I hold that the appellant is eligible for exemption u/s 10(1) of the Act and delete the addition of ₹ 37,54,466/-. 3. After considering the r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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