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TMI Blog2023 (10) TMI 1414X X X X Extracts X X X X X X X X Extracts X X X X ..... ure. Accordingly, it moved application for approval u/s.80G in Form 10AB and was granted provisional approval on 15/10/2021. Thereafter, as per the relevant procedural mandate, assessee had again applied for approval u/s. 80G in Form 10AB on 24/08/2022. Thereafter, a notice was issued on 30/01/2023 by Ld. CIT (E) in the proceedings u/s. 80 G (5)(iii) of the Act. In response, assessee had submitted various details electronically and also physically on 15/02/2023 and 23/02/2023 respectively. However, the ld. CIT rejected the application after observing as under:- 3. Various details were provided by the assessee vide submission filed in compliance to DIN & Notice No. ITBA/EXM/F/EXM43/2022-23/1048717663(1) dated 14.01.2023 and ITBA/EXM/F/EXM4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... details of the share transactions which assessee had sold and treated it as a corpus to carryout charitable activities and was duly explained with all the documentary evidences. Apart from that, assessee has also filed voluminous details and evidences about the charitable activity carried out by the assessee during the year. He also drew our attention to the documents placed before the ld. CIT (Exemption) which has also been filed before us. From these documents, it was submitted that assessee has not only explained the date- wise details of shares sold but also, when the trust received the shares in the form of donation in the F.Y. 2020-21 and 2021-22 which was valued at an average market rate as on the date shares have been credited in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ity homes, child, welfare centers, women welfare centers, vocational skill development centers, community halls, reading rooms or libraries, old age homes, sanatoriums, hostels and homes * The benefits of the above will be offered to children, women, orphans, senior citizen, and handicapped persons and for economically weaker sections, lower Income groups and also other vulnerable sections of society such as Scheduled castes/Scheduled Tribes, Backward Classes, Minorities and senior citizens, physically challenged persons, socially and financially poor and needy people. * Therefore our emphasis is to provide or make available social welfare services as mention above to specially following sections of society; 1) Urban poor 2) Economica ..... X X X X Extracts X X X X X X X X Extracts X X X X
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