Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (1) TMI 999 - ITAT PUNEExemption u/s 11 - denying of registration u/s 12AA - On examination of financial statements of last three financial years, the ld. Commissioner of Income Tax, Exemption, Pune observed that the donation received towards corpus funds escaped assessment to tax and, therefore, denied the registration - HELD THAT:- The grant of registration and the issue of assessment or exemption u/s 11 of the Act are separate and distinct. The process of registration is not on occasion for deciding the issue of exemption of donation u/s 11 of the Act. The issue of exemption cannot be examined during the process of registration CIT-E had lost sight distinction between the process of registration and the exemption or assessment of income u/s 11 of the Act. Therefore, the reasoning of the ld. Commissioner of Income Tax, Exemption, Pune in denying the grant of registration u/s 12AA of the Act cannot be sustained in the eyes of law. In the circumstances, we set-aside the order of the ld. Commissioner of Income Tax, Exemption, Pune and direct the ld. Commissioner of Income Tax, Exemption, Pune to grant the registration u/s 12AA of the Act. Accordingly, the appeal of the assessee is allowed.
|