https://www.taxtmi.com/caselaws?id=394517 The ITAT Chandigarh allowed the appeal filed by an irrevocable Pension Fund trust against the rejection of the rectification application under section 154 of the Income Tax Act, 1961. The tribunal set aside the disallowance of the claim of application of income due to non-registration under section 12A, directing reevaluation by the Assessing Officer to consider the expenditure inadvertently claimed as application of income. The decision emphasizes the significance of proper registration for trust entities, accurate assessment of income and expenditure, and the availability of appeals and rectification applications to challenge adverse tax authority decisions. en-us Mon, 27 Jan 2020 00:00:00 +0530 Tue, 14 Apr 2020 13:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394517 The ITAT Chandigarh allowed the appeal filed by an irrevocable Pension Fund trust against the rejection of the rectification application under section 154 of the Income Tax Act, 1961. The tribunal set aside the disallowance of the claim of application of income due to non-registration under section 12A, directing reevaluation by the Assessing Officer to consider the expenditure inadvertently claimed as application of income. The decision emphasizes the significance of proper registration for trust entities, accurate assessment of income and expenditure, and the availability of appeals and rectification applications to challenge adverse tax authority decisions. Case-Laws Income Tax Mon, 27 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394517