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2013 (2) TMI 294 - HC - Income TaxExemption granted u/s 80(G)(5) withdrawn - Whether approval once granted shall continue in perpetuity as per Circular No. 5/2010? - ITAT set aside the withdrawal orders - Held that:- The order of the Tribunal setting aside the order of CIT is based on sound reasoning as asseesse had valid exemption on 1.10.2010 when the provisions of Section 80G were amended so as to dispense the periodic renewal of the exemptions. Such statutory provisions were clarified by Circular No. 5 of 2010 and Circular No.7 of 2010 issued by CBDT. Once the statute has given perpetuity to the exemptions granted under Section 80(G)(5) the same could not be withdrawn without issuing show cause notice in terms of the statutory provisions in the manner prescribed by law.
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