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2017 (7) TMI 1053 - HC - Income TaxInvoke Section 12AA for cancellation of registration - Held that:- The fact that the appellant had put land on sale is not disputed. However, an explanation has been given that assessee had undertaken construction of the hospital and constructed substantial part of the cancer hospital. However, could not complete construction because of the financial stringency, and to achieve the further object of the trust decided to sale the same. The sale has not materialised and the said property is not sold. It cannot be said that the Tribunal has erred in its conclusion. With regard to purchase of BMW car, it was stated that though the said car was purchased in the name of a Trustee, it was used for the purpose of trust only and the deduction of the same which was disallowed, has been allowed by the Commissioner and confirmed by the Tribunal. It shows that the trust has purchased the said car for its own use. As far as payment of scholarship is concerned, it has come on record that the amount of scholarship has been paid to the students directly through their educational institutions and not through PAAK foundation, though, initially it was decided to route the said payment through PAAK foundation, but the same has not been done and the amount which was deposited for scholarship with PAAK foundation has been taken back by the respondent. The Tribunal after appreciation of evidence has arrived at plausible conclusion in allowing the appeal in favour of assessee.
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