https://www.taxtmi.com/caselaws?id=796313 Retrospective exemption under sections 11 and 12 through the former second proviso to section 12A(2) applies only if registration is granted while assessment proceedings for the relevant preceding year are pending before the Assessing Officer. On the stated facts, exemption was unavailable for assessment years 2019-20 and 2020-21 but available for assessment year 2021-22, subject to verification. Where a trust lacks registration, its taxable income must still be computed on commercial principles: only real income is assessable, and lawful expenditure incurred in ordinary activities to achieve its objects must be allowed after verification. en-us Wed, 15 Jul 2026 00:00:00 +0530 Tue, 04 Aug 2026 08:39:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=796313 Retrospective exemption under sections 11 and 12 through the former second proviso to section 12A(2) applies only if registration is granted while assessment proceedings for the relevant preceding year are pending before the Assessing Officer. On the stated facts, exemption was unavailable for assessment years 2019-20 and 2020-21 but available for assessment year 2021-22, subject to verification. Where a trust lacks registration, its taxable income must still be computed on commercial principles: only real income is assessable, and lawful expenditure incurred in ordinary activities to achieve its objects must be allowed after verification. Case-Laws Income Tax Wed, 15 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796313