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2023 (3) TMI 915 - AT - Income TaxExemption u/s 11 - denial of claim as assessee trust is not a registered trust u/s.12AA of the Act and treated the assessee as an AOP and taxed income at maximum marginal rate - assessee is a registered charitable trust running educational institution viz. Alpha Matriculation Higher Secondary School - whether the registration granted is to be read as prospective or retrospective in term of 2nd proviso to section 12A? - HELD THAT:- The insertion of 2nd proviso to section 12A of the Act has been explained by Explanatory Notes to provisions of Finance (No.2) Act, 2014, and it is provided that same is applicable to earlier assessment years which are pending before the AO as on date of such registration. As relying on case of SNDP Yogam [2016 (3) TMI 1110 - ITAT COCHIN] claim of the assessee u/s.11 of the Act granting exemption holding that registration granted to the assessee trust is retrospective and not prospective.
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