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2011 (10) TMI 459 - HC - Income TaxApproval under 80G - Society applying its income towards investments in fixed assets like purchase of buses and construction - Held That:- Once Tribunal has found that after deprication and deducting the capital expenditure out of gross receipts, there was no surplus in the hands of the society, therefore, there was no violation of Section 11 of the Act and there was no requirement to furnish intimation in form 10 and once exemption had been granted under Section 12AA of the Act on 29.8.2002 and the same was continuing the CIT was, therefore, not justified in denying the approval under Section 80G of Act and, therefore, all the conditions of Section 80G(5) of the Act are fulfilled in the present case and, therefore, the trust was eligible for registration under Section 80G(5)(vi) of the Act.
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