TMI Blog2010 (8) TMI 127X X X X Extracts X X X X X X X X Extracts X X X X ..... ected by the Commissioner of Income Tax on the ground that a sum of money had not been utilized for the purposes and as such the conditions of Section 80G(5)(i) of the Act were not satisfied - Held that: - It is not disputed that an agreement dated 15.3.2007 had been executed between the respondent and Kanpur Gaushala Society (the Society) to purchase an agricultural land for Rs. 1.26 crores and a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n under Section 80G of the Income Tax Act (the Act). The benefit under Section 80G of the Act was coming to an end and as such the trust filed an application for renewal of registration from 1.4.2007 onwards. The aforesaid application was rejected by the Commissioner of Income Tax-1, Kanpur (the CIT) on the ground that a sum of Rs.8,89,895/- had not been utilized for the purposes and as such t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent towards advance. Under the agreement it was agreed that the entire amount of Rs. 1.26 crores was to be kept separate in F.D.R. in a nationalized bank for five years and was made to be utilized with the condition that in case the litigation was not decided and permission for leasing was not granted to the Society, the same would be returned. The fact that a sum of Rs.8,89,895/- was already give ..... X X X X Extracts X X X X X X X X Extracts X X X X
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