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2012 (8) TMI 634 - ITAT DELHICancellation of registration u/s 12AA – alleged that activity of the society relating to investment in purchase of commercial property does not fall within the meaning of Charitable activity – Held that:- Assessee's charitable objects include spreading education and opening of schools; investment even in commercial property assets remains charitable purposes so long as the income generated by it is applied to charitable objects. It has not been demonstrated that the assessee applied rent received from these properties to any non-charitable purposes. Besides, it has not been demonstrated that the assessee's intention was to enter in business of purchase and sale of commercial property inasmuch as we are in year 2012, the property was purchased in FY 2004-05 and the Trust still retains this property - assessee's investment charitable in nature - assessee's registration u/s 12A should not have been cancelled, the same is restored - assessee's appeal is allowed
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