Somani Charitable Trust Vs ACIT (ITAT Agra)
ITAT Agra held that where registration has been granted to trust under section 12AA of the Income Tax Act, exemption under section 11 of the Income Tax Act admissible to preceding years for which assessment proceedings were pending before AO.
Facts- The present appeal has been filed by the assessee. The short issue for consideration in all the present appeals was the denial of grant of exemption claimed by the assessee u/s. 11 of the Act for the reason that the assessee trust was not registered as a charitable society u/s. 12AA of the Act.
Conclusion- Held that in the facts and circumstances of the present cases, which clearly demonstrate that on the date of grant of registration u/s. 12A of the Act to the assessee w.e.f. 01.04.2013 vide order of CIT(Exemption) dated 15.12.2018, the appeal proceedings for all the impugned years before us were pending before the CIT(Appeals) who in turn had passed order in 2024 ,the assessee was entitled to claim exemption of its income u/s. 11 of the Act in view of second proviso to section 12A(2) of the Act as per the various judicial decisions cited by the ld. Counsel for the assessee before us.
