KARNATAKA CHINMAYA SEVA TRUST,BENGALURU vs. DCIT-(EXEMPTIONS) CIRCLE-1, BANGALORE

In the result, appeal filed by the assessee is allowed

Bench: Shri Laxmi Prasad Sahu & Shri Keshav Dubeyassessmentyear:2016-17

12A of the Act can not be treated as clarificatory in nature, thereby having retrospective effect. In holding so, we rely & taking guidence from the Apex court judgement in the case of CIT v. Vatika Township (P) Ltd. (2014) 367 ITR 0466. The relevant extracts are given below foe ease of reference – “29. Notwithstanding the aforesaid position clarified with

M/S. RUKMINI EDUCATIONAL CHARITABLE TRUST ,BENGALURU vs. PRINCIPAL COMMISSIONER OF INCOME TAX, CENTRAL , BENGALURU

Section 12AB(4) of the IT\nAct, have occurred in the previous year 2015-16 relevant to A.Y. 2016-17.\nAccordingly, the registration of the assessee trust, granted u/s 12AA of the Act, vide\ncertificate DIT[E]/12A/Vol I/B-706/W-01/02-03 dated 19.03.2003 and subsequently\nu/s 12AB r.w.s 12A(1)(ac) (i) in Form No. 10AC dated 24.09.2021 is hereby cancelled\nfor

M/S. RUKMINI EDUCATIONAL CHARITABLE TRUST,BENGALURU vs. PRINCIPAL COMMISSIONER OF INCOME TAX, CENTRAL , BENGALURU

Section 12AB(4) of the IT\nAct, have occurred in the previous year 2015-16 relevant to A.Y. 2016-17.\nAccordingly, the registration of the assessee trust, granted u/s 12AA of the Act, vide\nPage 43 of 81\nITA Nos.2106 to 2109/Bang/2024\ncertificate DIT[E]/12A/Vol I/B-706/W-01/02-03 dated 19.03.2003 and subsequently\nu/s 12AB r.w.s 12A(1)(ac) (i) in Form

M/S. RUKMINI EDUCATIONAL CHARITABLE TRUST ,BENGALURU vs. PRINCIPAL COMMISSIONER OF INCOME TAX, CENTRAL , BANGALORE

Section 12AB(4) of the IT\nAct, have occurred in the previous year 2015-16 relevant to A.Y. 2016-17.\nAccordingly, the registration of the assessee trust, granted u/s 12AA of the Act, vide\nITA Nos.2106 to 2109/Bang/2024\nPage 44 of 81\ncertificate DIT[E]/12A/Vol I/B-706/W-01/02-03 dated 19.03.2003 and subsequently\nu/s 12AB r.w.s 12A(1)(ac) (i) in Form

M/S. RUKMINI EDUCATIONAL CHARITABLE TRUST,BENGALURU vs. PRINCIPAL COMMISSIONER OF INCOME TAX, CENTRAL, BENGALURU

Bench: Shri Prashant Maharishi & Shri Soundararajan K.

ac) of sub-section (1) of section 12A is not complete or it contains false or incorrect information.] ITA Nos.2106 to 2109/Bang/2024 Page 65 of 81 45. On careful perusal of the above provisions of the act it is apparently clear that with respect to the any trust which is registered or provisionally registered and subsequently to the authority namely