Dismissing the appeal of the revenue the Court held that that the application filed by the assessee was on December 31, 1993 which was before the introduction of section 12AA which came into effect only from April 1, 1997 hence entitle for exemption. S. 12AA, w.e.f 14-1977 is not retrospective provision. Referred Circular No 762 dt 18-02-1998 (1998) 230 ITR 12 (st.) (AY. 2008-09, 2012-2013)
CIT v. Poorna Prajana Vidya Peetha Prathisthana. (2019) 418 ITR 320 /(2020) 188 DTR 279(Karn.)(HC)
S. 12AA : Procedure for registration–Trust or institution-Prior to 1-4-1997 mere application for registration is sufficient for claim for exemption-S. 12AA, w.e.f. 14-1977 is not retrospective provision. [S. 11, 12A]