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2014 (3) TMI 402 - AT - Income TaxRejection of application for grant of certificate u/s 80G of the Act – Held that:- The satisfaction qua the genuineness of the activities of the applicant fund/institution as an independent condition, even as it is open to be argued that the same, i.e., the said satisfaction, is not a separate or independent condition, and has to lead to a finding as to the non-fulfillment of any of the conditions specified in clauses (i) to (v) of section 80G(5) inasmuch as an order rejecting the application u/s. 80G(5)(vi) has to record a finding to that effect, along with the reasons for the same - Relying upon CIT vs. Sarladevi Sarabhai Trust [1988 (3) TMI 53 - GUJARAT High Court] - the assessee-trust as a matter of regular course made donations out of its corpus funds, thus dissipating them, while the same are required to be retained and/or capitalized, forming part of the capital structure of the recipient - The activities of the assessee would qualify for exemption only subject to application u/s. 11(1)(a) – thus, the competent authority is directed to grant approval u/s. 80G(5)(vi) – Decided in favour of Assessee.
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