Law:

Section:

Section 10(20) of the Income-tax Act, 1961 - Local authority - Whether assessee agricultural market committee was local authority within meaning of section 10(20) and was, therefore, exempt from tax - Held, yes FACTS The Tribunal held that the assessee-agricultural market committee was a local authority and was, therefore, exempt from tax. On reference : HELD In view of the decision in Budha Veerinaidu v. State of Andhra Pradesh [1983] 143 ITR 1021, the assessee was a local authority Note: The case was decided in favour of the assessee. CASES REFERRED TO Budha Veerinaidu v. State of A.P. [1983] 143 ITR 1021 (AP) (App.). JUDGMENT Sambasiva Rao, CJ.-The question referred for our opinion by the Income-tax Appellate Tribunal is whether the Agricultural Market Committee, Cuddapah, is a local authority within the meaning of s. 10(20) of the I.T. Act, 1961. The…

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