Amendment of section 12AB

Section 9 of the Finance Act, 2023 deals with amendment of section 12AB. Amendment of section 12AB. 9. In section 12AB of the Income-tax Act,— (a) | in sub-section (1) with effect from the 1st day of October, 2023,— (A) | in clause (b),— (a) | in the opening portion, after the word, brackets and figure "sub-clause (v)", the words, brackets, letter and figures "or item (B

Amendment of section 12AB.

9. In section 12AB of the Income-tax Act,—

(a)

in sub-section (1) with effect from the 1st day of October, 2023,—

(A)

in clause (b),—

(a)		in the opening portion, after the word, brackets and figure "sub-clause (v)", the words, brackets, letter and figures "or item (B) of sub-clause (vi)" shall be inserted;
(b)		in sub-clause (ii), for item (B), the following item shall be substituted, namely:—
		"(B) if he is not so satisfied, pass an order in writing,—

(I)		in a case referred to in sub-clause (ii) or sub-clause (iii) or sub-clause (v) of clause (ac) of sub-section (1) of section 12A rejecting such application and also cancelling its registration;
(II)		in a case referred to in sub-clause (iv) or in item (B) of sub-clause (vi) of sub-section (1) of section 12A, rejecting such application,

after affording a reasonable opportunity of being heard;";

(B)

for clause (c), the following clause shall be substituted, namely:—

"(c)

where the application is made under item (A) of sub-clause (vi) of the said clause or the application is made under sub-clause (vi) of the said clause, as it stood immediately before its amendment vide the Finance Act, 2023, pass an order in writing provisionally registering the trust or institution for a period of three years from the assessment year from which the registration is sought,";

(b)		in sub-section (4), in the Explanation, in clause (f), for the words "attained finality.", the words "attained finality; or" shall be substituted;
(c)		after clause (f), the following clause shall be inserted, namely:—

"(g)

the application referred to in clause (ac) of sub-section (1) of section 12A is not complete or it contains false or incorrect information.".

Section 9, The Finance Act, 2023 (Act 8 of 2023).