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2017 (12) TMI 361 - AT - Income TaxRevision of assessment u/s 263 - registration granted to the assessee trust u/s 12AA cannot be invoked retrospectively under section 12AA(3) - Held that:- Referring to Circular No. 1 of 2011 dated 06.04.2011 issued by the CBDT it is held that section 12AA(3) is applicable only from the assessment year 2011-12. Thus we hold that this ground on which an order under section 263 of the Act was passed by the Ld. CIT is bad in law. Coming to the second reason for which the Ld. CIT (Exemption) invoking powers under section 263, we find that the Ld. CIT (Exemption) records that the facts as narrated by him has been established in the assessment order passed under section 147/143(3) of the Act dated 27.03.2014. When this fact has been considered in the assessment by the Assessing Officer and a considered and possible view taken, there is no ground for invocation of powers under section 263 of the Act, specifically when there is no allegation of non application of mind by the A.O. or that any prejudice or any error was committed by the Assessing Officer which caused prejudiced to the revenue. The Ld. CIT (Exemption) mentioned that these facts were considered by the Assessing Officer in his order, thus ruling out non-application of mind to this issue by the A.O. Cancellation of registration granted to the under section 12AA by the Ld. CIT (Exemption) Kolkata by invoking his powers under section 12AA(3) - Held that:- Retrospectively cancellation of the registration granted to the assessee is bad in law. See case of Agra Development Authority vs CIT [2013 (8) TMI 549 - ITAT AGRA]
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