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2018 (4) TMI 317 - AT - Income TaxRejection of registration u/s 12AA - proof of charitable activities - business activity - Held that:- Inter-Connected Stock Exchange Investors Protection Fund (2013 (10) TMI 1134 - ITAT MUMBAI) in which it has been specifically held that the where main object of the assessee Trust was to protect investor by way of creating a fund and fund created by the assessee was a public charitable fund having been set up to advance an object of general public utility, the assessee was entitled to grant registration u/s 12AA of the Act. See MCX Stock Exchange Investor Protection Fund Currency Derivatives Segment Trust Vs. DIT [2014 (1) TMI 1839 - ITAT MUMBAI] The applicant fund is a public charitable fund, set up to advance an object of 6552/13NCDEX 3 general public utility, and has been wrongly denied registration as one by the Revenue and is not liable to be considered as business activity which nowhere fall within the perview of the provision u/s 2(15) of the Act. The claim of the assessee is not liable to be declined on the ground of the registration u/s 10(23EC) of the Act. At the time of registration of the Trust, the claim of the assessee is not liable to be declined in view of the provision of Section 13 of the Act. We are of the view that the claim of the assessee for the registration u/s 12A of the Act has wrongly been rejected by the Director of Income-tax (Exemption). - Decided in favour of assessee.
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