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2017 (8) TMI 531 - HC - Income TaxCancellation of registration of assessee trust invoking power u/s 12AA(3) - Director of Income Tax (Exemptions) jurisdiction invoking its powers under section 12AA(3) - Held that:- As decided in CIT vs. the Mumbai Metropolitan Regional Iron and Steel Market Committee [2017 (7) TMI 920 - BOMBAY HIGH COURT] Commissioner has invoked its powers under Section 12(AA)(3) of the Act. The said powers are circumscribed by the limitations imposed under Sub Section 3 of Section 12AA of the Act. The Commissioner, nowhere has given the finding that the activities of the Respondent institution are not genuine one or that the said activity carried out are not in consonance with the object of the institution. The Commissioner has merely relied on proviso to Sub-Section 2 of Section 15 of the Act, as it stood then. The said proviso has subsequently gone amendment. Even considering the proviso, as it stood then, the case has not been made out so as to invoke Section 12AA(3) of the Act. The Tribunal as rightly considered the said aspect - Decided against revenue.
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