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2012 (7) TMI 14 - AT - Income TaxDenial of claiming exemption under section 11 - revised return filed for claim in view of registration under section 12A - DR stated that assessee is not entitled for exemption as it does not apply 85% of its income towards charitable purpose since it charges 2% from trade from the traders as Mandi Fee and out of this, 1% is directly deposited to the State Government - Held that:- AO has not brought any material on record nor made any adverse comments in the remand report to show that the assessee has violated any condition laid down under section 11 - the assessee has applied more than prescribed percentage of its income for furtherance and in the attainment of its objectives with no material on record to show that that the assessee Samiti has been established or carried out activities for personal or private gains - contention of the DR that the assessee Samiti has deposited 1% fund to the State Government out of 2% charges made by the traders is not acceptable as the fund transferred to the State Government are always utilized for welfare of person of the State which amounts to charitable purpose - in favour of assessee.
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