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2017 (2) TMI 1400 - HC - Income TaxCharitable activity - Grant of benefit u/s 12A denied - activity of the applicant could not be termed as charitable within the meaning of section 2(15) and there were huge surpluses and accounts were not audited and returns of income for such years in which total income exceed ₹ 50,000/- were not filed alongwith Form No. 10B - Held that:- The issue is squarely covered by the decision of Director of Income Tax (Exemptions) vs. Spic Educational Foundation [2001 (11) TMI 22 - MADRAS HIGH COURT] wherein held non - filing of the audit report in Form No. 10B of the Income Tax Rules, 1962, would not defeat the claim of the assessee for exemption under Sections 11 and 12 The registration U/s 12A of the Act for entitlement to claim the benefits U/Ss 11 & 12 of the Act requires two conditions to be fulfilled, firstly that the person concerned should have made an application for registration in the prescribed form and in the prescribed manner to the authorities named in that section before the first day of July, 1973, or before the expiry of the period of one year from the date of the creation of the trust or establishment of the institution and secondly, the person concerned would deep the accounts in a particular manner and such accounts should be audited. Thus the assessee has fulfilled both the conditions and the delay in making the application for registration has also been successfully explained and that being sufficient cause for the delay, we condone the delay with direction to the Ld. CIT to grant the registration on the application filed by the assessee for the purpose in Form No. 10A before Ld. CIT on 27.3.2005 for the claimed period. - Decided in favour of assessee
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