https://www.taxtmi.com/caselaws?id=769214 The ITAT Bangalore allowed the assessee-trust's appeal against cancellation of registration under section 12AB(4). The PCIT had cancelled registration based on AO's reference citing fund diversion to trustees' personal establishments and cash transaction violations. The tribunal held that the AO's reference under second proviso to section 143(3) and invocation of "specified violations" under section 12AB(4) were legally untenable as these provisions were introduced by Finance Act 2022, effective from AY 2022-23, while the disputed assessment year was 2021-22. Additionally, the AO's satisfaction was based on borrowed satisfaction from search materials without independent inquiry or allowing the assessee to rebut presumptions under sections 132(4A) and 292C. en-us Mon, 24 Mar 2025 00:00:00 +0530 Tue, 22 Apr 2025 08:31:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769214 The ITAT Bangalore allowed the assessee-trust's appeal against cancellation of registration under section 12AB(4). The PCIT had cancelled registration based on AO's reference citing fund diversion to trustees' personal establishments and cash transaction violations. The tribunal held that the AO's reference under second proviso to section 143(3) and invocation of "specified violations" under section 12AB(4) were legally untenable as these provisions were introduced by Finance Act 2022, effective from AY 2022-23, while the disputed assessment year was 2021-22. Additionally, the AO's satisfaction was based on borrowed satisfaction from search materials without independent inquiry or allowing the assessee to rebut presumptions under sections 132(4A) and 292C. Case-Laws Income Tax Mon, 24 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769214