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2023 (5) TMI 1224 - JAMMU AND KASHMIR AND LADAKH HIGH COURTExemption u/s 11 - registration u/s 12AA was refused by holding that the assessee institution did not satisfy the registering authority with the genuineness of its activities and it was held that the assessee Trust had generated surplus (profit) out of their total receipts - ITAT grant registration to the assessee as applied by the assessee - HELD THAT:- As decided in M/s Queen’s Educational Society [2015 (3) TMI 619 - SUPREME COURT] as per 13th proviso to Section 10(23C) is of great importance in that assessing authorities must continuously monitor from assessment year to assessment year whether such institutions continue to apply their income and invest or deposit their funds in accordance with the law laid down. Further, it is of great importance that the activities of such institutions be looked at carefully. If they are not genuine, or are not being carried out in accordance with all or any of the conditions subject to which approval has been given, such approval and exemption must forthwith be withdrawn. All these cases are disposed of making it clear that revenue is at liberty to pass fresh orders if such necessity is felt after taking into consideration the various provisions of law contained in Section 10(23C) read with section 11 of the Income Tax Act. In view of the judgment passed by the Supreme Court referred hereinabove, the issue in hand is squarely covered. No substantial question of law arises for consideration as the Income Tax Appellate Tribunal, Amritsar while allowing the appeal has considered all the aspects.
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