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2019 (5) TMI 1201 - HC - Income TaxExemption u/s 11 - assessee had been granted registration under Section 12AA - HELD THAT:- Since the assessee had been granted registration under Section 12AA of the Act, therefore, its income had to be computed by giving benefit of Sections 11 and 12 of the Act. The assessee had fulfilled the conditions as provided in Sections 11 and 12 of the Act. See M.R. EDUCATION SOCIETY, [2013 (4) TMI 926 - ITAT DELHI] Cancellation of registration u/s 12AA - HELD THAT:- There was nothing on record on the basis of which the registration could be continued to be denied to the assessee-trust as the impugned additions made stood deleted. Reference has been drawn to order dated 30.11.2008 of CIT, Central Ludhiana had afterwards considered the activities of the trust as genuine and the objectives as charitable while granting the registration w.e.f. A.Y. 2008-09. A copy of the said order is placed on record, from which it is evident that the date of order of the CIT(C) Ludhiana granting the registration is dated 12.6.2008, and not 30.11.2008 as mentioned in the order of the Hon'ble ITAT. Therefore, respectfully following the decision of the Hon'ble ITAT, the appeal of the assessee allowed Penalty u/s 271(1)(c) - HELD THAT:- What an assessee has to pay by way of penalty is an amount equivalent to the tax sought to be evaded or 3 times of the tax sought to be evaded. Once additions are deleted, then there is no amount on which assessee can be said to have evaded the tax and, therefore, there cannot be any penalty. Ld. CIT(A) has observed that additions are deleted, the penalty cannot prevail. We do not find any reason to interfere in the order of Ld. CIT (A). - Decided in favour of the assessee
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