https://www.taxtmi.com/caselaws?id=761252 ITAT Mumbai held that reassessment proceedings against a trust were invalid and quashed the reassessment order. The tribunal ruled that reassessment cannot be initiated merely for non-registration under sections 12A/12AA of the Act. The assessee trust obtained registration under section 12AA one day after the reassessment notice was issued, making the assessment proceedings pending at the time of registration. Under the second proviso to section 12A(2), the trust was entitled to exemption benefits for preceding assessment years since assessment proceedings were pending when registration was granted. The tribunal relied on Karnataka State Welfare Fund and other precedents establishing that reopening assessments solely for non-registration violates statutory provisions and is not warranted under the Act. en-us Fri, 25 Oct 2024 00:00:00 +0530 Wed, 06 Nov 2024 12:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761252 ITAT Mumbai held that reassessment proceedings against a trust were invalid and quashed the reassessment order. The tribunal ruled that reassessment cannot be initiated merely for non-registration under sections 12A/12AA of the Act. The assessee trust obtained registration under section 12AA one day after the reassessment notice was issued, making the assessment proceedings pending at the time of registration. Under the second proviso to section 12A(2), the trust was entitled to exemption benefits for preceding assessment years since assessment proceedings were pending when registration was granted. The tribunal relied on Karnataka State Welfare Fund and other precedents establishing that reopening assessments solely for non-registration violates statutory provisions and is not warranted under the Act. Case-Laws Income Tax Fri, 25 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761252