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2015 (2) TMI 667 - HC - Income TaxExemption/approval to the petitioner society under section 10(23C)(vi) denied - there was no stipulation in the trust deed regarding utilization of the funds of the trust in the event of the dissolution/winding up of the society - Held that:- It was not shown by the respondent that any money had ever been diverted to any other trust and it did not carry on any activity for which the society had been constituted. The defect, as pointed out by the Director General of Income-tax, was curable as the utilisation of the funds in the event of dissolution or winding up of the society was an event which was yet to take place and the defect pointed out by the Director General was cured prior thereto. Moreover, there was no allegation of utilization of funds in violation of the trust deed of the petitioner. In such a situation, declining approval/exemption to the petitioner under section 10(23C)(vi) of the Act was unjustified. - Decided in favour of assessee.
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