Registration u/s 12AA denied - huge cash balances, generation of ...

Income Tax

June 1, 2020

Registration u/s 12AA denied - huge cash balances, generation of huge surpluses in the past and non-furnishing of bank statements, which are essential elements to verify the genuineness of the activity of the applicant - CIT (E) has drawed conclusion from the balance sheet of the applicant in which the society is having huge cash balances in the form of FDR which could otherwise be utilized for expansion of education? - Approval cannot be denied.

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Registration u/s 12AA denied - huge cash balances, generation of ...

Income Tax

June 1, 2020

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