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2016 (7) TMI 136 - AT - Income TaxRegistration application u/s 12AA denied for 2 reasons, (I) delay in filing the registration application and (II) activities of the assessee-trust are in the nature of commerce and trade Held that:- (I) Rejecting the registration application on the ground that it is filed late is not correct because, L’d CIT has power to grant registration prospectively and exemption Sections 11 & 12 will be available from the first day of assessment year immediately following the financial year in which the application is made. (II) Registration can be rejected only when (a) activities of the trust are not genuine, and (b) that the activities of the trust or the institution are not being carried out in accordance with the objects of the trust or the institution. Whether the activities of the assessee-trust are in the nature of commerce and trade is not to be analysed at the time of granting the registration.
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