ITAT Dismisses Revenue’s Infructuous Appeal in Krishi Utpadan Mandi Case

ITO Vs Krishi Utpadan Mandi Samiti (ITAT Lucknow) In the case of ITO vs. Krishi Utpadan Mandi Samiti (ITAT Lucknow), the Income Tax Appellate Tribunal (ITAT) addressed an appeal filed by the Revenue for the assessment year 2014-15. The Revenue challenged the Commissioner of Income Tax (Appeals) [CIT(A)]’s order, which had granted exemption to the taxpayer under Section 26AAB of the Income Tax Act, 1961. Notably, the taxpayer’s exemption claim had already been accepted by the Assessing Officer (AO) prior to this appeal, making the case redundant. The ITAT admitted the appeal but not...