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2011 (7) TMI 764 - AT - Income TaxRegistration u/s 12AA - The reason pointed out by the Director is that the main activity of the assessee is to accumulate huge investments in purchase of assets and earn rental income from those assets without engaging itself in any charitable activities - It is true that the assessee trust has been established since more than 100 years and the assessee is running the school with hostel facilities attached to it - If the object of the assessee trust is to run educational institution and the assessee has been carrying on that activity alone, the construction of buildings and purchase of property, cannot be treated as a point against the assessee - the most important point to be noted in the context is that all the properties owned by the assessee trust are held in trust for the purpose of carrying on charitable activities out of the income arising out of such properties - Registration granted
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