Wrong Assumption of Section 12AB Cancellation Vitiates Assessment: ITAT Visakhapatnam

Team Colours Foundation Vadlamuru Vs ITO (Exemption) (ITAT Visakhapatnam) Wrong Assumption of Section 12AB Cancellation Vitiates Assessment: ITAT Visakhapatnam Restores Trust’s Case for Limited Verification The Visakhapatnam SMC Bench of the Income Tax Appellate Tribunal, Visakhapatnam Bench allowed the appeal of Team Colours Foundation for AY 2023-24 for statistical purposes and remanded the matter to the Assessing Officer for fresh consideration on a limited issue. The Tribunal found that both the AO and the CIT(A) proceeded on an incorrect assumption that the Trust’s provisional registr...