Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (1) TMI 1034 - ITAT HYDERABADRegistration u/s 12AA - Held that:- commencement of activities by the Trust is not a prerequisite to grant registration and approval under sections 12A and 80G of the Act - When the assessee has produced all facts relating to the activities of trust and also its financial statements and there is no adverse finding by the DIT(E) with regard to the genuineness or nature of activity of the Trust, it is to be presumed that the DIT(E) accepts the trust to be genuine - The DIT(E)'s observation that the corpus fund of Rs.10 lakhs has not been deposited in the bank account is also without any basis as facts on record clearly prove that the said corpus fund was deposited in a FD account with the bank - Decided in favour of assessee.
|