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2015 (10) TMI 2417 - ITAT MUMBAI

2015 (10) TMI 2417 - ITAT MUMBAI - TMI - Registration u/s. 12A(1)(aa) rejected - applicant-company is incorporated u/s. 25 of the Companies Act - Held that:- The decision of the Tribunal, Mumbai Bench in the case of CEO Clubs India Vs DIT [2012 (10) TMI 895 - ITAT MUMBAI] is worth mentioning wherein the assessee was incorporated as a Pvt. Ltd. Company u/s. 25 of the Companies Act. The assessee submitted that it was a non-profit association registered as such u/s. 25 of the Companies Act for a ch .....

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est of a particular trade or industry are object of public utility and finally held that the objection of the DIT for denying registration on this ground is therefore found to be without any basis. Considering the similarity in the facts of the case in hand with the facts of the judicial decisions referred to hereinabove, we are of the considered opinion that the DIT (Exem) have grossly erred in rejecting the application of registration. We, therefore, set aside the order of the DIT (Exem.) and .....

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lication for registration u/s. 12A(1)(aa) of the Act. 3. Briefly stated the facts of the case are that the assessee is a company incorporated u/s. 25 of the Companies Act as a non-profit making institution. The company filed an application for registration u/s. 12A of the Act in the prescribed form No. 10A on 26.3.2013. 3.1. While going through the application, the DIT(Exem.) observed that the main object of the company is to promote , develop and protect the interest of those in the business of .....

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s exhibited at page-2 of the order of the DIT (Exemption). 3.2. The submission of the assessee did not find any favour with the DIT who was of the strong belief that there is the existence of noncharitable/ commercial objects in the Memorandum of Association (MOA) of the applicant company. The DIT rejected the application for grant of registration. 4. Aggrieved by this, the assessee is before us. 5. The Ld. Counsel for the assessee argued at length stating that the DIT has not appreciated the ob .....

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Ld. Counsel relied upon the decision of the Hon ble Supreme Court in the case of CIT Vs Andhra Chamber of Commerce 55 ITR 722 , DIT Vs Bharat Diamond Bourse 259 ITR 280 and ACIT Vs Surat Art Silk Cloth Manufacturers Association 121 ITR 01. 6. Per contra, the Ld. Departmental Representative supported the order of the DIT (Exem.). 7. We have carefully perused the order of the authorities below. We have also gone through the decisions of the Hon ble Supreme Court referred to by the Ld. Counsel. The .....

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lly help in development of business of distribution of such technology products and related services. No object of the company shall be carried out without permission from competent authority whomsoever and no object of the company shall be carried out on commercial basis. 8. It is further provided in the Articles of Association at clause 65 under the head Application of Profit - The property, capital and income of the company however derived shall be applied solely towards the promotion of the .....

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e occasion to consider identical facts which read as under: The following are the principal objects of the memorandum of association of the assessee: (a) To promote and protect trade, commerce and industries of India, in the Province of Madras and in particular in the Andhra country. (b) To aid, stimulate and promote the development of trade, commerce and industries in India or any part thereof with capital principally provided by Indians or under the management of Indians. (c) To watch over and .....

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ts, the Hon ble Supreme Court observed as under: The principal objects of the assessee are to promote and protect trade, commerce and industries and to aid, stimulate and promote the development of trade, commerce and industries in India or any part thereof. By the achievement of these objects, it is not intended to serve merely the interests of the members of the assessee. Advancement or promotion of trade, commerce and industry leading to economic prosperity enures for the benefit of the entir .....

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