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2020 (8) TMI 14 - AT - Income TaxExemption u/s 11 - grant of registration under section 12AA - Assessee object is restricted to a mere class or a community the object of the Trust are for educational benefit and for providing assistance to ‘Modh Vanik’ children - HELD THAT:- Income Tax Act, 1961 came into force with effect from 01.04.1962 i.e. after the registration of the Act and hence the trust was already in existence before the Act came into force. Even assuming it can be denied under section 12AA of the Act for the failing to satisfy the conditions not having the object restricted to a particular community, the Explanation 2 of Sec. 13 gives a free hand to the assessee to claim the benefit as sought for. The word Schedule Cast, backward classes, Schedule Tribe and women and children means if the Trust is established for the benefit of the women and children then it is eligible to get such grant of relief under section 12AA of the Act. Thus, we must note that the Ld. Advocate appearing for the AR argued this particular aspect of the matter which we found is having real substance on merit. Taking into consideration the entire aspect of the matter we find there cannot be any doubt relating to the claim of the assessee either on the count of date of registration or the object of the Trust which specifically provides benefit to the children though of a particular community is certainly entitled to get the relief under section 12AA of the Act. Hence, we direct the Ld. CIT to grant the registration under section 12AA of the Act as sought for on the basis of the observation made hereinabove. Appeal filed by the assessee is allowed.
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