TMI Blog2015 (6) TMI 922X X X X Extracts X X X X X X X X Extracts X X X X ..... in accordance with law. - Decided in favour of assessee for statistical purposes. - ITA No. 1138/Hyd/2014 - - - Dated:- 27-3-2015 - Shri P.M. Jagtap And Smt. Asha Vijayaraghavan JJ. For the Appellant : Shri B. Vijaya Kumar For the Respondent : Smt. G. Aparna Rao, DR ORDER Per Smt. Asha Vijayaraghavan, J.M. This appeal preferred by the assessee is directed against the order of the Director of Income Tax (Exemptions) dated 28.03.2014 u/s 12AA of the Act, 1961. 2. Briefly stated, Malkolak Knowledge Centre is a Trust formed vide Trust Deed executed on 17.03.2005. The Trust had filed an application in Form No.10A on 25.09.2013 seeking registration u/s 12AA of the Income Tax Act, 1961. The Director of Income T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rust deed, it shows all the objects in the case of applicant trust are not charitable. Further as seen from the stipulations made in clause 4(b), the trustees are empowered to apply whole or any part of income of the trust or the trust fund to anyone or more of the objects of the trust. Similar stipulation is there in the clause, 4(n), where it is mentioned to set apart and/or allocate the whole or a part of the income or the corpus of the Trust Fund or part thereof for any of the objects of the Trust . In view of the same and since the assessee trust in this case, is having objects of both charitable and non-charitable nature, it cannot be considered as a valid trust and its income would not be eligible for exemption u/s 11 of the Act. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... international. levels and in the sub-clause (3), there is mention to conduct academic and research exchange tours, campaigns etc. in India and abroad. From such objectives, showing intention to carry out such activities abroad, it shows the assessee Intends to apply its income also outside India. Under that circumstance, having regard to the provisions of section 11(1)(a), where there is stipulation for application of income only in India and the provisions contained in section 12A(1) and clause (aa) there under r.w.s 12AA(1) of the Act, the applicant trust in this case, in my view, would not be eligible for registration u/s 12AA of the Act . 3. Vide query no.2 of the questionnaire, assessee was asked to furnish a note on precise activit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has filed a printed brochure in respect of Malkolak Institute of Life Sciences, under the logo of Malkolak Knowledge Centre. The address of such institute of life sciences at C-4, Sunshine Park Co-op Housing Society, Balewadi, Pune, is shown in another brochure. However, as mentioned earlier, the assessee has not been able to explain its role and activities with regard to the said centre for Marine studies at Goa. 6. The DIT (E) concluded that the assessee has not been able to explain about the actual activities undertaken during different accounting years with reference to objects in the Trust Deed and hence registration u/s 12AA is to be refused to the Trust. 7. The ld Counsel for the assessee Shri B. Vijaya Kumar appeared before us ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the following counts: (i) that the objectives of the Trust are not charitable in nature, merely because the objectives included the words consultancy, investment advisory and an investment agency . (ii) That the Trust Deed contained both charitable and non charitable objectives and thus holding that the Trust is not a valid trust, and relying on the decision of the Hon'ble Supreme Court in the case of Yogiraj Charit Trust vs. CIT (1976) 103 ITR 777 (iii) That the Trust intends to carry on activities outside India by interpreting the object clause (a) and (d) of the Trust Deed executed on 17.12.2009 (iv) That the activities carried out by the Assessee Trust in respect of its research and training activities in Goa are n ..... X X X X Extracts X X X X X X X X Extracts X X X X
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