Cancellation Powers of CIT under Income Tax Act
The Income Tax Act states that the registration under Section 12AA, once granted, shall remain in force till its validity period or it is cancelled by the commissioner of Income Tax. However, over a period of time, through various amendments, the power of the Commissioner for cancellation has increased substantially. In this issue of Standard and Norms, we cover the various amendments in the Act stating circumstances under which the registration can be cancelled. It also covers the specified violation for cancellation and the procedure to be followed by PCIT/CIT. It also states how an assessee aggrieved by the cancellation can make an appeal against the order of cancellation.
For detailed information, please read this issue of our Standard and Norms
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