Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
The ITAT upheld the denial of registration u/s 12AB to the Trust, as its objects were exclusively for the Jain Community, violating Section 13(1)(b) read with the explanation to Section 12AB(4). Registration u/ss 12A and 12AA is a prerequisite for claiming exemption u/ss 11 and 12. Section 13(1)(b) prohibits exemption to trusts established after the Act's commencement for the benefit of a particular religious community or caste. The CIT(E)'s order denying registration, being within the amended law's provisions, was upheld.
The ITAT upheld the denial of registration u/s 12AB to the Trust, as its objects were exclusively for the Jain Community, violating Section 13(1)(b) read with the explanation to Section 12AB(4). Registration u/ss 12A and 12AA is a prerequisite for claiming exemption u/ss 11 and 12. Section 13(1)(b) prohibits exemption to trusts established after the Act's commencement for the benefit of a particular religious community or caste. The CIT(E)'s order denying registration, being within the amended law's provisions, was upheld.
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