9911796707
TMI Blog2024 (7) TMI 1638X X X X Extracts X X X X X X X X Extracts X X X X ..... Respondent regarding the genuineness of the activities of the Appellant Assessee. On the facts and circumstances and the Law, the learned Commissioner erred in rejecting the e application of Assessee for registration and further erred in cancelling the provisional registration granted earlier. (Section 12AB read with Clause (iii) of section 12A (1) (ac) of the Income Tax Act, 1961) Erroneous findings by the Respondent regarding the genuineness of the activities of the Appellant Assessee. On the facts and circumstances and the Law, the learned Commissioner erred in rejecting the application on alleged grounds of failure of satisfaction on account of genuineness of activities of Trust and also on account of compliance to the requirements o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or, destitute, backward people belonging to Scheduled Caste and Scheduled Tribes without any discrimination under Naxal affected Gadchiroli District within the State of Maharashtra. The assessee trust is presently running two educational institutions namely Kisan Vidyalaya at Gram Panchayat Wadadha, Tahsil Armori, District Gadchiroli and Dr. Babasaheb Ambedkar School & Junior College at Tahsil Armori, District Gadchiroli. The assessee trust is old institutions which impart education to mostly tribal children and working in a remote area with the help of Government of Maharashtra in the form of grant-in-aid for salary to teaching and non-teaching staff and for running the aforesaid educational institutions. The main objective of the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ernment as well as Central Govt to Buddist minority for making their tremendous progress in order to bring them in main stream of our Society. 4. With the above objects, the assessee filed an application before the learned CIT (Exemptions), Pune ("the learned CIT(E)"), in Form no.10AB under Clause-3 of section 12A(1)(ac)(vi) of the Act on 29/03/2023, for obtaining final registration. The learned CIT(E) called for various details in response to which the assessee trust filed all the details before the learned CIT(E). From the details filed by the assessee, the learned CIT(E) came to the conclusion that the assessee trust has raised some loans for which permission under section 36(A) from Maharashtra Public Trust 1950, is required from the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing money and repaying the same whenever it receives the grant-in- aid from the Government of Maharashtra. The learned Counsel submitted that the assessee trust has neither violated the provisions of Maharashtra Public Trust Act, 1950, nor the activities carried out by the assessee are contrary to law. 7. On the other hand, the learned Departmental Representative submitted that the assessee trust has not given details of the loan lenders, therefore, the learned CIT(E) doubted the genuineness of the transactions. 8. We have heard the rival arguments, perused the material available on record and gone through the orders of the authorities below. The assessee trust is solely existed for the purpose of providing free education to the poor, tri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the purpose of meeting the exigency expenses like payment of salary to the teaching and non-teaching staff and other necessary payments, the assessee trust borrows money from the private individuals which is a temporary arrangement for which providing PAN details are not necessary. In only one case, the assessee trust, for the financial year 2012-13, has received Rs. 4,69,867, and the reason for borrowing this amount stated by the assessee trust is that, there was a huge delay in receiving the grant-in-aid and the assessee was compelled to borrow the money for temporary tiding over the financial crises. But, the learned CIT(E) was of the opinion that the assessee has not submitted the details and documentary evidences to show that the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
