Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (2) TMI 43 - ITAT JABALPURNon granting of approval for registration u/s 12AA - proof of charitable activities - Held that:- We observe that CIT rejected the application u/s 12AA on the premise of his observation that the society is running for profit motive and not providing charitable services. The society is registered by the M.P. State Government under the gazette notification placed and the society is an university running under the approval of the M.P. State Government. This fact is not disputed by Revenue. We agree to the fact that some of the details which were called for by CIT were not provided by the assessee during the course of proceedings. Further CIT has made specific observation about the application of income towards the cost of its assets but merely for applying the surplus from activities carried out during the year towards investment in fixed assets, per se, cannot prove that the assessee is not engaged in charitable activities. We observe that CIT has rejected the application u/s 12AA without considering relevant facts, financial statements, gazette notification of State Government and examining the activities carried out by the assessee in detail. Both the 4 parties have no objection if the issue raised in this appeal is remitted back to the file of the CIT for de novo adjudication. - Decided in favour of assessee for statically purposes.
|