Agriculture Marketing Board is not 'local authority' after amendment to Sec 10(20) vide Finance Act, 2002; not eligible for exemption: Supreme Court

By Vijay Kumar

The latest decision of the Apex Court has settled this issue forever in favour of the Revenue. It has held that since AMC(s) is neither a Municipal Committee nor a District Board under the said Explanation to Section 10(20) of the 1961 Act, they are not entitled to exemption. In fact what makes it more abundantly clear is the fact that the Union Govt has vide Finance Act, 2008 exempted such bodies under sub-section 26AAB of Sec 10 w.e.f April 1, 2009.

Supreme Court delivered the judgement yesterday and we bring it to you today with our analysis! See today's Breaking News .