TMI Blog2015 (12) TMI 1460X X X X Extracts X X X X X X X X Extracts X X X X ..... in the case of the assessee, the learned Commissioner of Income-tax (Exemptions) ought to have examined the objects of the trust and decide the issue on its merits as per law. Moreover, the assessee-trust is in incubation stage and yet to commence its activities. At this juncture it is premature to determine the genuineness of 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 NAGENDR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee-trust, the learned Commissioner of Income-tax observed as follows : Adjudication on merits : 4.1 On 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 hereunder : Rule 17A. Application for registration of charitable or religious trusts, etc.-An application under section 12A, for registra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ounts 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 application is treated as invalid ab initio. 4. Further the learned Commissioner of Income-tax had observed in his order that the period of six months had lapsed from the date of filing of the application seeking registration under section 12AA of the Act and therefore barred by limitation for granting registration. 5. Before us, the learned authorised representative argued that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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