Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (12) TMI 947 - AT - Income TaxRegistration u/s 12AA - Held that:- The activities conducted by the assessee are basically aimed at improving the knowledge and competence of its members - Income from programme revenue derived by the society during each year, is not as per the objects of the society - The DIT(E) didnot carried out any enquiry into the objects of the society - Where no activity is commenced, the question of making any enquiry regarding any activity by the DIT(E) would not arise. The nature of enquiry would depend on the facts of each case. As per the amendment by Finance Act, 1983 w.e.f. 1st April, 1983 - The clause "not involving carrying any activities of profit" were omitted from this definition by the Legislature - Therefore, after such omission, the element of profit cannot be excluded from the definition "charitable purposes" u/s 2(15) of the Act - As per section 10(22) - Income of any activities cannot be exempted unconditionally if such institution also exists for deriving of profit - Such institution can claim exemption u/ss. 11 and 12 as element of profit is not excluded by the Legislature - As per Section 11 in order to claim exemption such institution must apply 75% of its income for charitable purposes. The surplus if any has to be invested in specified bonds - Because some profit has been earned by an assessee trust registration u/s. 12AA cannot be denied so long as provisions of sections 11, 12 and 12AA are complied with. - Decided in favour of assessee.
|