https://www.taxtmi.com/caselaws?id=754673 The ITAT Bangalore held that CIT (Central) cannot retrospectively cancel registration under section 12AB(4)(ii) introduced by Finance Act, 2022 effective from 1.4.2022. The tribunal ruled that income tax law applicable during the relevant assessment year should govern, not subsequently enacted provisions. Since section 12AB(4)(ii) was introduced for assessment year 2022-23 onwards, it cannot be applied to cancel registration for earlier years like 2020-21 or 2018-19 without explicit retrospective provision. The cancellation order was deemed invalid and the appeals were allowed. en-us Tue, 16 Apr 2024 00:00:00 +0530 Thu, 27 Jun 2024 12:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754673 The ITAT Bangalore held that CIT (Central) cannot retrospectively cancel registration under section 12AB(4)(ii) introduced by Finance Act, 2022 effective from 1.4.2022. The tribunal ruled that income tax law applicable during the relevant assessment year should govern, not subsequently enacted provisions. Since section 12AB(4)(ii) was introduced for assessment year 2022-23 onwards, it cannot be applied to cancel registration for earlier years like 2020-21 or 2018-19 without explicit retrospective provision. The cancellation order was deemed invalid and the appeals were allowed. Case-Laws Income Tax Tue, 16 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754673