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2015 (8) TMI 709 - AT - Income TaxRegistration u/s 12AA(3) cancelled - assessee-trust donated a sum of ₹ 45 crores to another trust that is also engaged in the similar activity, thus this Act of trust tantamount to siphoning of the public money - Held that:- In the case in hand, the assessee-trust has demonstrated that the activities are being carried out as per objects o the trust and being assessed under the relevant provisions of Act. It is not in dispute that the registration u/s.12AA of the Act was granted vide letter dated 2nd July- 1982. No doubt is casted upon the genuineness of the activities, throughout this period. Moreover, the reliance was placed on the decision of Asst.DIT(Exemption) vs. Bhartha Swamukti Samsthe reported at (2008 (12) TMI 310 - ITAT BANGALORE ), wherein it is held that giving of loan to poor women is charitable activity. In the light of above discussion and respectfully following the judgment of CIT Karnataka (Central) vs. Islamic Academy of Education (2014 (7) TMI 909 - KARNATAKA HIGH COURT ), we do not agree with the reasoning of ld.DIT(E) for cancellation of registration. Therefore, the order under appeal is hereby set aside. - Decided in favour of assessee.
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