Advance-ruling mechanism governs pending GST classification, exemption and taxability disputes, limiting writ review once the specialised forum functi...
Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
The case concerns the cancellation of registration u/ss 12AA and 12AB of the Act, with a focus on the retrospective application of Section 12AB(4)(ii) introduced by the Finance Act, 2022. The Central CIT cancelled registration retroactively, citing this provision effective from 1.4.2022. However, the ITAT held that tax laws apply based on the year of assessment unless stated otherwise. Retroactive cancellation u/s 12AB(4)(ii) is invalid without explicit retrospective intent. Precedents like Auro Lab Ltd and Heart Foundation of India support this view, emphasizing that cancellation cannot apply retroactively. Consequently, the ITAT allowed the appeals of the assessee in these cases.
The case concerns the cancellation of registration u/ss 12AA and 12AB of the Act, with a focus on the retrospective application of Section 12AB(4)(ii) introduced by the Finance Act, 2022. The Central CIT cancelled registration retroactively, citing this provision effective from 1.4.2022. However, the ITAT held that tax laws apply based on the year of assessment unless stated otherwise. Retroactive cancellation u/s 12AB(4)(ii) is invalid without explicit retrospective intent. Precedents like Auro Lab Ltd and Heart Foundation of India support this view, emphasizing that cancellation cannot apply retroactively. Consequently, the ITAT allowed the appeals of the assessee in these cases.
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