Authority orders fresh adjudication, finds s.12A(1)(ac)(iii) and s.12AB(1)(b) do not bar earlier registration applications where provisional registration exists

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ITAT set aside the CIT(Exemption)'s order denying regular registration under s.12AB(1)(b) as "premature" and remitted the matter for fresh adjudication. The Tribunal held that s.12A(1)(ac)(iii) and s.12AB(1)(b) prescribe an outer time limit for filing but do not bar earlier applications once provisional registration exists, and that rejection solely for lack of recorded activity at the application date was procedurally unsustainable where audited financials and other materials later evidenced commencement. The Tribunal directed CIT(Exemption) to consider the Form 10BB, ITR and relevant documents afresh, and to exercise inquiry powers under s.12AB(1)(b)(i) if warranted, rather than disposing on procedural grounds.....