No immunity to assessee if registration granted under erstwhile law is inconsistent with existing Income-tax Act

INCOME TAX : Where assessee trust was granted exemption under section 4(3)(i) of Income-tax Act, 1922, same being inconsistent with corresponding provisions under Income-tax Act of 1961, it could not have been saved under section 297(2)(k) of Act, 1961 as assessee has to keep pace with evolving law and regulations and cannot claim immunity and seek shelter under erstwhile law

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