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2017 (3) TMI 103 - AT - Income TaxCancellation of registration granted u/s 12AA - carrying on activities in the nature of trade, commerce or business etc., and the gross receipts from the same were in excess of the stipulated limit of ₹ 10 lac as stood contemplated under the first proviso of Sec. 2(15) - Held that:- As it is neither the case of the revenue that the assessee which after verification of the genuineness of its objects and activities had been granted registration by the department u/s Sec.12AA(1)(b)(i), had during the year embarked on to any such new activities, which can safely be characterized as non-genuine activities, nor is it the claim of the revenue that the assessee subsequent to its registration is found to be carrying out activities which are not in accordance with its objects, therefore in the absence of satisfaction by the assessee of either of the aforesaid preconditions which forms the very foundation for exercising of the jurisdiction by the DIT(Exemption) for cancelling the registration of the assessee under Sec. 12AA(3), it can safely be concluded that the DIT(Exemption) had wrongly cancelled the registration of the assessee vide his order passed u/s 12AA(3) of the ‘Act’. We thus set aside the order passed by the DIT(Exemption) u/s 12AA(3) and therein restore the registration granted to the assessee u/s Sec.12AA(1)(b)(i). - Decided in favour of assessee
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