TMI Blog2020 (5) TMI 404X X X X Extracts X X X X X X X X Extracts X X X X ..... d. AR of the assessee, that where the registration has been granted to a Trust or Institution u/s 12AA of the Act, then the provisions of section 11 12 shall apply to the income of such an assessee from the property held under the trust of any preceding assessment year also subject to the condition of the assessment of such preceding year is pending before the AO on the date of such registration ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der of Ld. CIT(A) is against the law and facts of the case. 2. That the Ld. CIT(A) and Ld. Assessing Officer both have erred by not allowing the depreciation which is mandatory and allowable as per the provisions of the Income Tax Act and as interpreted by Hon'ble Courts. 3. That the Ld. CIT(A) has grossly erred in not allowing the benefit of provisions of Section 11 and 12 after reg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der in this case has been passed on 24. 12. 2012 i. e. after the grant of registration in the subsequent year by the assessee on 19. 11. 2020. The assessee in this respect has relied upon the first proviso to section 12A(2) of the I. T. Act, which reads as under:- Conditions for applicability of sections 11 and 12. 12 A. (1) The provisions of section 11 and section 12 shall not apply in r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd the objects and activities of such trust or institution remain the same for such preceding assessment year: Provided further that no action under section 147 shall be taken by the Assessing Officer in case of such trust or institution for any assessment year preceding the aforesaid assessment year only for non-registration of such trust or institution for the said assessment year: Pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the year under consideration was pending before the Assessing Officer, hence, the assessee is entitled to deduction as per provisions of sections 11 12 of the Act. 4. The Ld. DR, on the other hand, has relied on the findings of the lower authorities. 5. Considering the above submissions of the Ld. AR of the assessee, the matter is restored to the file of the Assessing Officer for veri ..... X X X X Extracts X X X X X X X X Extracts X X X X
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