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2015 (12) TMI 1460 - ITAT CHENNAI

2015 (12) TMI 1460 - ITAT CHENNAI - [2015] 44 ITR (Trib) 108 (ITAT [Chen]) - Registration under section 12AA - CIT(A) refused to grant registration on the ground that the application of the assessee is not accompanied with the accounts of the society for the period ending March 31, 2014 - Held that:- We do not agree with the view of the learned Commissioner of Income-tax (Exemptions). As rightly argued by the learned authorised representative that at the time of registration the learned Commissi .....

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the trust by seeking its statement of accounts. Therefore we hereby remit back the matter to the file of the learned Commissioner of Income-tax (Exemptions) to consider the objects of the trust and pass appropriate order as per merits and law. - Decided in favour of assessee for statistical purposes. - I. T. A. No. 1515 /Mds./ 2015. - Dated:- 4-9-2015 - A. MOHAN ALANKAMONY (Accountant Member) and CHALLA NAGENDRA PRASAD (Judicial Member) G. Seetharaman, Chartered Accountant, for the appellant. S .....

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y the order of the learned Commissioner of Income-tax (Exemptions) has raised four grounds before us ; however, the crux of the issue is that the assessee-trust is aggrieved by the order of the learned Commissioner of Income-tax who had refused to grant registration under section 12AA of the Act on the ground that the application of the assessee is not accompanied with the accounts of the society for the period ending March 31, 2014. 3. The brief facts of the case are that the assessee is a soci .....

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verification of the details furnished along with Form 10A it is found that the accounts of the society for the period ending March 31, 2014 has not been submitted, although the society was formed on July 21, 2013 and got registered with Registrar of Societies on October 29, 2013 vide Registration No. 209 of 2013 under the Tamil Nadu Societies Registration Act, 1975. The same is required to be filed under rule 17A of the Income-tax Rules, 1962. The relevant portion of rule 17A is reproduced hereu .....

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ti tution relating to such prior year or years (not being more than three years immediately preceding the year in which the said application is made) for which such accounts have been made up. 4.2 The requirement of furnishing audited accounts of the society for the period ending on March 31, 2014 has not been fulfilled by the applicant-society while applying for registration under section 12AA. In response to a specific query on this point, the assessee, vide its letter dated November 12, 2014, .....

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cieties Registration Act on the same date as per the details available on our record. Therefore, it should have maintained its accounts from the date of its information, i.e., July 21, 2013, even though it obtained registration from the Registrar of Societies on October 29, 2013. Since, the application is not accompanied with the accounts of the society for the period July 21, 2013 to March 31, 2014 ; it does not meet the requirement of rule 17A of the Income-tax Rules, 1962. Hence, the applicat .....

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