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2011 (12) TMI 579 - AT - Income TaxCanceling the registration u/s 12AA - Non charitable activities - Held that:- There is no dispute to the fact that the assessee has been declaring its income from the assessment year 2001-02 to 2005-06 as business income as is evident from page 3 of DIT(Exemption) order. Thereafter, the assessee applied for the registration u/s 12AA which was granted to it only w.e.f. 01.04.2005 and the registration sought form 1997 was refused by not condoning the delay. As a matter of fact, we find no material on record where the funds have been utilized for profit motive or for non charitable purpose and there is no basis found in this regard in the order of DIT (Exemption). The assessee has also invited our attention to the P & L account up to the year ended 31.03.2008 in which the assessee has used 85% of the funds collected. There is nothing on record that the assessee has violated any conditions laid down u/s 12AA(3) of the Act. - Decided in favour of assessee.
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