9911796707
TMI Blog2017 (5) TMI 536X X X X Extracts X X X X X X X X Extracts X X X X ..... in refusing approval of exemption under S. 80G(5)(vi) of Income Tax Act, 1961 is arbitrary, erroneous, unwarranted and illegal and must be quashed with direction for relief. 2. That on the facts and in the circumstances of the case and under law Ld. CIT(E) fell in error in rejecting claim of approval under section 80G(5)(vi) of the Act on invalid footings and erroneous considerations as reasons pointed out for rejection are not valid and as such legally the impugned order deserves to be set aside. 3. That Ld. CIT(A) is not justified in rejecting the application of Appellant Trust for granting approval of exemption under section 80G(5)(vi) of the Act as the appellant trust fulfills all the necessary conditions for approval of exemptio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nk accounts of this trust. Whereas there is no such clause in the trust deed that the applicant trust shall invest in the modes specified in sub-section 5 of Section 11 of the Income Tax Act. As per provisions of section 11(2) of the Income Tax Act, the applicant was required to invest or deposit any money or sum accumulated or set apart in the specified modes as provided under subsection (5) of Section 11 of the Income Ta Act. Before the Ld. CIT(E) the Applicant Trust has submitted that in clause 24 of the Trust Deed the trustees unanimously shall have the power to dissolve the Trust in case if it is so deemed expedient and necessary and in such eventuality, the assets remaining on the date of dissolution of this Trust shall under no circu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alance sheet as on 31.3.2015; registration certificate under section 34(3) of Juvenile Justice (Care & Protection of Children) Act, 2000 in the name of Shri Krishan Pranami Bal Sewa Ashram, Hisar; Thanks letter dated 11.11.2014; partywise details of expenditure during 27.8.2014 to 31.3.2015; Bank account no. of assessee with OBC, Hisar from 22.10.2014 to 6.4.2015; letter of ITO(E), Rohtak dated 16.4.2015; letter to ITO(E), Rohtak dated 22.4.2015; Letter of CIT(E), Chandigarh dated 12.3.2015; letter to CIT(E), Chandigarh dated 2.4.2015; details of voluntary contributions received by assessee Rs. 37 lacs; conformation of Gawar Construction Ltd., Gurgaon regarding donation of Rs. 37 lacs during 22.10.2014 to 31.3.2015; details of inter trust d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t Trust was created on 27.8.2014 and the same was registered with Sub Registrar, Hisar on 27.8.2014. Ld. CIT(A) observed that a perusal of the Trust Deed of the Applicant shows that in clause 17 of the trust deed, it has been stated that all funds, surplus and income of this trust shall be kept in banks and the bank accounts of this trust. Whereas there is no such clause in the trust deed that the applicant trust shall invest in the modes specified in sub-section 5 of Section 11 of the Income Tax Act. As per provisions of section 11(2) of the Income Tax Act, the applicant was required to invest or deposit any money or sum accumulated or set apart in the specified modes as provided under sub-section (5) of Section 11 of the Income Ta Act. We ..... X X X X Extracts X X X X X X X X Extracts X X X X
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