Assessee-trusts is\u00a0 registered under section 12AA\/12A.\u00a0 During course of search proceedings, Principal Commissioner cancelled registration granted to assessees under section 12AA\/12AB with effect from previous assessment year 2017-18 and that of subsequent years as per provisions of section 12AB(4)(ii). On appeal the Tribunal held that\u00a0 in income-tax matters, law to be applied is law in force in assessment year unless otherwise stated or implied.Therefore\u00a0 without a specific mention of amended provisions to operate retrospectively, no cancellation for earlier years could be made. Accordingly\u00a0 invoking of provisions of section 12AB(4)(ii) which had been introduced by Finance Act, 2022 with effect from 1-4-2022 for cancellation of registration with retrospective effect from relevant assessment year 2018-19, is\u00a0 bad in law as it was not explicitly provided in amended provisions to operate retrospectively.\u00a0\u00a0 Cancellation of registration granted to assessee-trust is\u00a0\u00a0 quashed. (AY. 2018-19)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 12AB: Procedure for fresh registration-Cancellation of registration-Provisions of section 12AB(4)(ii), which had been introduced by Finance Act, 2022 with effect from 1-4-2022 could not be invoked for cancellation of registration with retrospective effect from assessment year 2018-19 [S. 12A] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-48674","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-cF4","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/48674","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=48674"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/48674\/revisions"}],"predecessor-version":[{"id":48675,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/48674\/revisions\/48675"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=48674"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=48674"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=48674"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}