Late registration for trusts: income-exemption provisions apply retrospectively if tax authority records sufficient reasons, otherwise from financial year.

The substituted proviso to section 12A directs that where registration is applied for after the prescribed period, the income-exemption provisions in sections 11 and 12 apply either from the date of creation/establishment if the Chief Commissioner or Commissioner, for reasons recorded in writing, is satisfied the applicant was prevented from applying for sufficient reasons, or otherwise from the first day of the financial year in which the application is made.

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