CPC Erred in Denying APMC Exemption: ITAT Ahmedabad Sent Matter Back to CIT(A)

Sanand Agricultural Produce Market Committee Vs ITO (ITAT Ahmedabad) The ITAT Ahmedabad addressed an appeal filed by the Agricultural Produce Market Committee (APMC) against the order of the CIT(A) for A.Y. 2021-22, which arose from an Intimation passed by the CPC under Section 143(1). The CPC had denied the APMC’s claimed exemption of ₹3,57,30,363/- under Section 10(26AAB), taxing the entire amount as income. Initially, the Tribunal addressed the appeal’s 174-day delay, which the assessee attributed to the bona fide pursuit of alternate remedies, including rectification applicat...