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2009 (6) TMI 612 - AT - Income TaxRenewal of recognition - The assessee-trust had furnished its application in Form No. 10G on 30th June, 2008 with the Director of IT (Exemption), seeking renewal of recognition under s. 80G of the Act - renewal for recognition under s. 80G was rejected by the learned Director of IT (Exemption) - Audit report for financial year 2004-05 does not show 'the specific purpose' for accumulation - Trust deed had not undergone any change or modification from the date of its execution and as such the Director of IT (Exemption) had no evidence to cast any such allegation of existence of business activity - Hon'ble apex Court's finding in the case of Radhasoami Satsang vs. CIT (1991 -TMI - 5353 - SUPREME Court) and the decision of the Hon'ble Tribunal, Mumbai Bench 'D' in the case of Cotton Textiles Export Promotion Council vs. ITO – Accordingly it was held that the learned Director of IT (Exemption) was not justified in rejecting the application of the assessee-trust for renewal of recognition under s. 80G of the Act. The Director of IT (Exemption) is, accordingly, directed to renew the recognition under s. 80G of the Act to the assessee trust – Decided in the favour of the assessee
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