Penalty cannot be imposed for mere Section 12A registration cancellation

Guru Nanak Public School Vs ACIT (ITAT Chandigarh) The facts of the present case are that the assessee committee was registered under the Societies Registration Act, 1860 with the Registrar of Firms and Society, Punjab, Chandigarh with the object of managing and running Guru Nanak Public Schools and other educational institutions to be established from time to time. The assessee committee had been granted registration U/s 12A of the Act dated 28/09/2007 and had been claiming exemption/deduction U/s 11/12 of the Act since then. However, the registration was canceled U/s 12AA(3) of the Act dated...