Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
Jurisdictional facts in certificate-of-origin discrepancies can support customs show-cause proceedings, leaving factual explanations for departmental ...
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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