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2014 (4) TMI 525 - AT - Income TaxCancellation of Registration u/s 12AA(3) – CIT(A) held that activities of applicant are not charitable in nature and applicant Institution does not qualify to be treated as Charitable Institution u/s 2(15) – Held that:- activities of assessee aimed at earning profit as it is carrying on activity in nature of trade, commerce or business - Main pre-dominant purpose of assessee is making profit, it is real object of assessee and also there is no spending of income exclusively for purpose of charitable activities - Profits of assessee not used for charitable purpose under terms of object and there is no obligation on part of assessee to spend it on 'charitable purposes' only – Apex Court in case of Asstt. CIT v. Thanthi Trust [2001 (1) TMI 80 - SUPREME Court] held that where certain activities of an assessee claiming exemption u/s 12AA of Act are such where profit motive is involved and where no charity towards general public is being done, applicability of section 2(15) is certainly established and benefits of exemption u/s 12AA of Act are not allowable to such an assessee - CIT, Bathinda, rightly cancelled registration granted to assessee under Section 12AA by passing impugned order under Section 12AA(3) of Act - Uphold impugned order passed by learned CIT, Bathinda – Decided against Assessee.
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