Held that the exemption granted to the assessee-trust under section 4(3)(i) of the Act of 1922 was not saved under section 297(2)(k) of the Act. The Assessing Officer had failed to consider various distinguishing features and conditions between section 4(3)(i) of the 1922 Act and section 11(1)(a)/(b) of the 1961 Act which required that the assessee should move an application for registration to the Principal Commissioner or the Commissioner and such trust be granted registration and duly registered under section 12AA of the Act. The Assessing Officer had completely failed to consider the settled position in law that the provisions of section 11 are to be read along with section 12A of the Act and only where the trust had been registered under section 12AA, the exemption could be availed of by the assessee. Revision order by the PCIT was held to be valid. (AY. 2011-12)
Bharatpur Royal Family Religious and Ceremonial Trust v. CIT(E) (2021)92 ITR 690 (Jaipur)(Trib.)
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Repeal and savings Exemption was granted under Income-tax Act, 1922-Assessee must apply for registration under Income-tax Act 1962 to avail of exemption-Revision was held to be justified. [S. 11, 12, 12A, 12AA, 13, 297(2)(k), Indian Income-tax Act, 1922, S.4(3)(i)]