TMI Blog2022 (1) TMI 883X X X X Extracts X X X X X X X X Extracts X X X X ..... ation of India carrying similar objects as that of assessee, have been duly granted registration - HELD THAT:- As simultaneously noticed that the assessee has filed certain replies IN DAK before the CIT(E). On a reading of the impugned order, it appears that the CIT(E) has taken a view against the assessee unilaterally and without taking note of the main objects of the assessee as well as the decisions rendered in other cases placed in similar situation as claimed. The impugned order appears to be somewhat cryptic and requires elucidation on facts and law. We, therefore, deem it appropriate to restore the matter back to the file of the CIT(E)/other competent registering authority in force to examine matter DENOVO after taking cognizance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... valuers course to create skilled registered valuers in the country. It was contended that the fruits of various activities like training, seminars could be available to the public at large without any profit motive and for that purpose the assessee is registered u/s. 8 of the Companies Act, 2013 and is a wholly owned subsidiary of the Institute of Cost Accountant of India and registered with Insolvency and Bankruptcy Board of India (IBBI) framed with the objective of educating, regulating and monitoring the discipline of registered valuers. It was submitted that the registration sought under section 12AA could not be denied to the assessee where on similar facts, various other organizations like ICAI registered valuers organization, Indian ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion as claimed. The impugned order appears to be somewhat cryptic and requires elucidation on facts and law. We, therefore, deem it appropriate to restore the matter back to the file of the CIT(E)/other competent registering authority in force to examine matter DENOVO after taking cognizance of the factual position and contentions of the assessee. It shall be upon to the assessee to submit all relevant facts and its contentions before registering authority. The registering authority shall pass speaking order in accordance with law after taking note of the various submissions and contentions of the assessee. The impugned order under section 12AA(1)(b) r.w.s. 12A under challenge is thus set aside in terms observations hereinabove. 5. In th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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