Clause 9 - Amendment of section 12AB. - Finance Bill, 2023

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 subsection (1) of section 12A is not complete or it contains false or incorrect information. .