3 year delay in Section12A registration application condoned by HC

CIT Vs Cochin Port Trust (Kerala High Court) Conclusion: Delay of three years in filing of application for registration under section 12A was condonable as assessee which was enjoying exemption from income-tax from its inception was suddenly faced with the prospect of being made liable under the taxing statute and due to same, assessee had filed applications under Section 12AA with considerable delay. Held: Assessee was availing exemption from income-tax as a ‘local authority’ under Section 10(20). When an Explanation was added under Section 10(20) by which ‘local authority...