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2010 (4) TMI 811 - ITAT DELHIRetrospective exemption under 12AA - Trust formed on 1.6.2007 - Registration applied from 01.04.2001 -Held that:- CIT was right in respect of the application made on or after 1.6.2007, he has no power of condonation so as to grant registration from earlier date other than the first day of the financial year in which the application for registration is made. Thus retrospective application for registration under 12AA not allowed. Taxability of interest where assessee has no control on the principal amount - Held that:- In view of the case of CIT(A) vs Delhi Industrial Development (2007 - TMI - 2464 - HIGH COURT, DELHI) if principal amount does not belong to the assessee because of overriding title of the Government then interest income on principal amount would not belong to the assessee.
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