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2018 (8) TMI 195 - AT - Income TaxSeeking registration u/s.12AA and approval under section 80G(5) - Held that:- In the instant case, the assessee is a society had applied for registration under section 12AA of the Act in the prescribed Form 10A on 31.7.2017 seeking registration under the Income Tax Act as well as application in Form 10G was filed on the same date by the assessee society for approval u/s.80G of the Act. A reading of above clause shows that the Memorandum of Association specifically provides that upon dissolution of the society, its assets will be handed over to similar registered society or to Government after clearing up all it’s debts and liabilities. Therefore, in view of above clause in the MOA of the society, in our considered view, the ld CIT(Exemption) was not justified in refusing registration to the assessee society on this ground also. The refusal to grant registration u/s.12AA of the Act to the assessee society is not proper and justified. Similarly, the refusal to grant of approval u/s.80G of the Act is also not justified. Hence, we set aside the order of the CIT(Exemption), Hyderabad and direct him to grant registration u/s.12AA of the Act and approval u/s.80G of the Act to the assessee society. Thus, the grounds of appeal of the assessee are allowed.
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