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TMI Blog2006 (9) TMI 95X X X X Extracts X X X X X X X X Extracts X X X X ..... am, maize, bazra and potatoes - Held the matter in favour of revenue - I. T. R. No. 9 of 1989 - - - Dated:- 26-9-2006 - JUDGMENT The following question of law has been referred for the opinion of this court by the Income-tax Appellate Tribunal, Chandigarh Bench, Chandigarh arising out of its order dated March 23, 1988, in I. T. A. No. 562 of in respect of the assessment year 1976-77 : "Wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made, inter alia, a claim that income from purchase and sale of agricultural commodities was exempt under section 81(i)(c) of the Act but his decision was reversed by the Appellate Assistant Commissioner by following the judgment of the Tribunal in the case of National Agricultural Co-operative Marketing Federation Limited. The decision of the Appellate Assistant Commissioner was upheld by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rom tea business from wheat, paddy and grams, et amounting to Rs. 40,44,847 was exempt from payment of income- under section 81(0(c) of the Act and this subsidy of Rs. 40,000 was incidental receipt on account of that business, it was also exempt." 3. Learned counsel for the Revenue submitted that vide Finance (No.2) Act, 1967, section 81(0(c) of the Act was omitted and was reenacted as section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... here was further amendment by the Income-tax (Second Amendment) Act, 1998. substituting section 80P(2)(a) (iii) by the following : 5 Amendment is retrospective with effect from April 1, 1968. 6. None appears for the assessee. 7. The amended provision has since been upheld by the High Court of Delhi in National Agricultural Co-operative Marketing Fedreation of India v. Union of India ..... X X X X Extracts X X X X X X X X Extracts X X X X
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