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1 - 10 of 14 (0.24 seconds)Section 12 in The Income Tax Act, 1961 [Entire Act]
Section 12AA in The Income Tax Act, 1961 [Entire Act]
Section 12A in The Income Tax Act, 1961 [Entire Act]
The Finance Act, 2018
Section 10 in The Income Tax Act, 1961 [Entire Act]
Section 6 in The Income Tax Act, 1961 [Entire Act]
Section 1 in The Income Tax Act, 1961 [Entire Act]
A-One Cycles Ltd. Vs. Asstt. Cit (1997) ... vs J.H. Gotla (1985) 156 Itr 323 (Sc) on 24 June, 1998
"6.6 On careful consideration of the submissions of the assessee and on
the basis of relevant judicial pronouncements relied upon by the assessee
trust more particularly of the Honourable ITAT, C-Bench, Kolkata which is
directly on the issue and as that I have not come across any judicial
pronouncement which is contrary to that as of today, I am of the view that
there is a lot of force in the arguments put forth by the learned AR of the
assessee. I am, therefore, in complete agreement with the arguments of the
learned AR of the assessee that the first proviso to section 12A(2) of the
Act is applicable to trust/institutions which have been granted registration
under section 12AA of the Act even prior to amendment provided
assessments are pending in their cases at the relevant time. I am also of
the opinion that the provisions of section 11/12 of the Act shall apply in
respect of any income derived from any property held under trust of any
assessment year preceding the aforesaid assessment year for which
assessment proceedings are pending before the Assessing Officer as on
the date of such registration. I am also in agreement with the arguments of
the learned AR of the assessee trust that a proviso which is inserted to
remedy unintended consequences and to make the provision workable, a
proviso which supplies an obvious omission in the section and is required
to be read into the section to give the section a reasonable interpretation,
requires to be treated as retrospective, in operation so that a reasonable
interpretation, can be given to the section as a whole. So, insertion of first
proviso to section 12A(2) of the Act w.e.f. 01.10.2014 should be read as a
retrospective in operation w.e.f. the date when the condition of eligibility
for exemption under section 11/12 of the Act as mentioned in section 12A
of the Act provided for registration under section 12A of the Act as per condition
for applicability of section 12A of the Act. This argument of the learned AR of the
assessee trust also gets strengthened from the judgment of the Honourable Supreme
Court in the case of ALLIED MOTORS(P) LTD. ETC. vs. COMMISSIONER OF
INCOME TAX (SC), COMMISSIONER OF INCOME TAX vs. SURESH N. GUPTA
(SC), CIT VS VATIKA TOWNSHIP P LTD, COMMISSIONER OF INCOME TAX vs.
J.H. GOTLA (SC) and CBDT circular No. 1/2015 dated 21.01.2015.