Penalty on exchange vacated for lack of evidence that exchange authorized subsidiaries' investments; Regulations 43(1) 2012 and 38(2) 2018 inapplicabl...
Petitioner not an eligible assessee under s.144C(15)(b); draft and final assessments under s.144C(1)/s.143(3)/s.144B quashed and penalty show-cause no...
ITAT allowed the appeal, set aside the impugned order of the Commissioner and held the assessee's application for regular registration u/s 80G(5) to be within limitation. The Tribunal found the proviso's first clause-requiring filing six months prior to expiry of provisional approval-applicable because provisional registration extended to A.Y. 2025-26 and the application was filed on 30.09.2024; the second clause (six months from commencement of activities) was inapplicable to an entity which commenced activities in 1952. The matter is remitted to the Commissioner to treat the application as valid and decide merits afresh. Appeal allowed for statistical purposes.
ITAT allowed the appeal, set aside the impugned order of the Commissioner and held the assessee's application for regular registration u/s 80G(5) to be within limitation. The Tribunal found the proviso's first clause-requiring filing six months prior to expiry of provisional approval-applicable because provisional registration extended to A.Y. 2025-26 and the application was filed on 30.09.2024; the second clause (six months from commencement of activities) was inapplicable to an entity which commenced activities in 1952. The matter is remitted to the Commissioner to treat the application as valid and decide merits afresh. Appeal allowed for statistical purposes.
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