16 January 2016
Finance Act has made ammendment u/s 12A, Where by the first proviso to 12A (2) it says that the registration granted u/s 12AA then, the provisions of sections 11 and 12 shall apply in respect of any income derived from property held under trust of any assessment year preceding the aforesaid assessment year, for which assessment proceedings are pending before the Assessing Officer as on the date of such registration. Now if FY 2013-14 the trust is registered u/s 12AA and during registration there is no pending assessment with AO, however after registration for FY 2012-13 the case is selected scrutiny. whether the benefit of sec 11 & 12 is applicable in such case.
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