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CIT can Cancel 12A Registration only on and after 01.10.2004: SC
Case Law Details
- Case Name
- Industrial Infrastructure Development Corporation(Gwalior) M.P. Ltd. Vs Commissioner of Income Tax, Gwalior (Supreme Court of India)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- Supreme Court of India
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Industrial Infrastructure Development Corporation(Gwalior) M.P. Ltd. Vs CIT (Supreme Court of India)
It is not in dispute that an express power was conferred on the CIT to cancel the registration for the first time by enacting sub-Section (3) in Section 12AA only with effect from 01.10.2004 by the Finance (No.2) Act 2004 (23 of 2004) and hence such power could be exercised by the CIT only on and after 01.10.2004, i.e., (assessment year 2004-2005) because the amendment in question was not retrospective but was prospective in nature.
Further Section 21 of the General Clauses Act has no applicati...
