Money laundering property attachment and third-party encumbrance rights clarified; prior bona fide interests enforceable before confiscation, appeals ...
Profiteering in construction services for failure to pass input tax credit resulted in repayment exceeding the commensurate benefit and closure of pro...
ITAT allowed the assessee's appeal and set aside the denial of exemption u/s 11 and 12 made in intimation u/s 143(1)(a) and confirmed by CIT(A). It held that the assessee had a valid and subsisting registration u/s 12A during the relevant previous year and that subsequent registration u/s 12AB, granted from AY 2022-23, did not extinguish or interrupt the earlier registration. The Tribunal held that the transition from sections 12A/12AA to 12AB is non-disruptive and the proviso to section 12A(2) protects exemption during the intervening period. Mere non-filling of the new registration number in the ITR could not justify denial of exemption.
ITAT allowed the assessee's appeal and set aside the denial of exemption u/s 11 and 12 made in intimation u/s 143(1)(a) and confirmed by CIT(A). It held that the assessee had a valid and subsisting registration u/s 12A during the relevant previous year and that subsequent registration u/s 12AB, granted from AY 2022-23, did not extinguish or interrupt the earlier registration. The Tribunal held that the transition from sections 12A/12AA to 12AB is non-disruptive and the proviso to section 12A(2) protects exemption during the intervening period. Mere non-filling of the new registration number in the ITR could not justify denial of exemption.
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