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2011 (10) TMI 47 - HC - Income Tax
CIT declined to grant registration u/s 12A on the ground that expenditure to the extent of Rs.17.25 crores has been incurred by the respondents for purchase of the land, whereas substantial expenditure is still to be incurred on construction of the building and other infrastructure and that the expenditure on the charitable activities, is only Rs.1500/-. - Tribunal directed the CIT to grant the registration - Held that:- the object of Section 12AA of the Act, is to examine the genuineness of the objects of the Trust, but not the income of the Trust for charitable or religious purposes. The stage for application of income is yet to arrive i.e. when such Trust or Institution files its return. - Decided against the revenue.