https://www.taxtmi.com/highlights?id=81074 The assessee trust's registration u/s 12AA was cancelled retrospectively by the CIT(E) u/s 12AB(4)(b)(i) on grounds of commercial activities, diversion of funds to related parties, and violation of Section 13(3). The key points are: The ITAT held the retrospective cancellation was incorrect as the specified violations u/s 12AB(4) were introduced prospectively from 01.04.2022 and cannot apply to earlier years. The revenue cannot re-agitate issues like commercial activities which were already decided in the assessee's favor. Cancellation cannot operate retrospectively in absence of specific provision. The CIT(E) initiated proceedings based on a reference from the AO, but no fresh reference was made after registration was granted on 23.09.2021..... en-us Fri, 06 Sep 2024 08:20:09 +0530 Fri, 06 Sep 2024 08:20:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=81074 The assessee trust's registration u/s 12AA was cancelled retrospectively by the CIT(E) u/s 12AB(4)(b)(i) on grounds of commercial activities, diversion of funds to related parties, and violation of Section 13(3). The key points are: The ITAT held the retrospective cancellation was incorrect as the specified violations u/s 12AB(4) were introduced prospectively from 01.04.2022 and cannot apply to earlier years. The revenue cannot re-agitate issues like commercial activities which were already decided in the assessee's favor. Cancellation cannot operate retrospectively in absence of specific provision. The CIT(E) initiated proceedings based on a reference from the AO, but no fresh reference was made after registration was granted on 23.09.2021..... Highlights Income Tax Fri, 06 Sep 2024 08:20:09 +0530 https://www.taxtmi.com/highlights?id=81074