Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
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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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