https://www.taxtmi.com/caselaws?id=417911 The Tribunal set aside the rejection of the application for registration under Section 12AA of the Income-tax Act, 1961, by the CIT(E) and directed a fresh decision on merits. The assessee filed its return of income for AY 2017-18, depositing substantial cash during demonetization, leading to assessment under Section 144. The invocation of revisionary powers under Section 264 was dismissed by the Pr. CIT, denying exemption for interest on fixed deposits and income from non-members. The denial of credit of prepaid taxes was rectified under Section 154, and penalty proceedings under Sections 270A and 272A(1)(d) were dropped by the Revenue without prejudice to the assessee. en-us Mon, 24 Jan 2022 00:00:00 +0530 Fri, 04 Feb 2022 07:01:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417911 The Tribunal set aside the rejection of the application for registration under Section 12AA of the Income-tax Act, 1961, by the CIT(E) and directed a fresh decision on merits. The assessee filed its return of income for AY 2017-18, depositing substantial cash during demonetization, leading to assessment under Section 144. The invocation of revisionary powers under Section 264 was dismissed by the Pr. CIT, denying exemption for interest on fixed deposits and income from non-members. The denial of credit of prepaid taxes was rectified under Section 154, and penalty proceedings under Sections 270A and 272A(1)(d) were dropped by the Revenue without prejudice to the assessee. Case-Laws Income Tax Mon, 24 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417911