Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (11) TMI 619 - AT - Income TaxApproval of Trust u/s.80G(5) - To be effective from the first date of Financial Year or from the date of approval - approval was granted provisionally as on 23.09.2021 - only grievance of the assessee is that the PCIT has erred in approving the Trust u/s. 80G(5) w.e.f. 23.09.2021 only as against it should have been from 01.04.2021 in term of sixth proviso to section 80G(5) - HELD THAT:- Relevant proviso (vi) of section 80G(5) which clearly provides that the registration is to be granted from the first of the assessment years for which such institution or fund was provisionally approved i.e., from the assessment year and not from the mid of the year. It means that the assessee is entitled for approval w.e.f. 01.04.2021 and not from 23.09.2021. The provisions of the acts are clear and there is no ambiguity about it. Hence, we direct the PCIT to carry out the required amendment. We direct the PCIT(Exemption) accordingly. Appeal filed by the assessee is allowed.
|