9911796707
TMI Blog2010 (4) TMI 706X X X X Extracts X X X X X X X X Extracts X X X X ..... nted recognition u/s. 12AA(1)(b)(i) of the Act w.e.f. 14.1.2005 - assessee trust deserve to be granted renewal, of recognition under section 80G(5)of the Act - appeal of the assessee allowed X X X X Extracts X X X X X X X X Extracts X X X X ..... urred were missing. For example, expenses debited under the head "computers" was Rs.87,000 in the books of the trust, whereas bills were produced only to the extent of Rs.45,931. Further on advertisement expenses of Rs.2,85,681/- incurred by Silicon City College, no vouchers were produced by the college. The Id. DIT(E) observed from the above, that the applicant does not meet the conditions laid down u/s. 80G(5)(i) to (iv) of the Act and by relying on the decisions of Karnataka High Court in the cases reported at 267 ITR 549 and 259 ITR 59, rejected the application for renewal of recognition u/s. 80G of the Act. 4. Aggrieved, the assessee trust is in appeal before the Tribunal. The Id. AR submitted that the trust's main objects are only re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 80G(5)(vi) of the Act. 6. We have heard the rival submissions and carefully perused the materials on record, the paperbook submitted by the assessee containing 1 to 47 pages and the relevant case laws cited. The only grievance of the Revenue was that the assessee trust was able to produce vouchers to the extent of Rs.45,931 out of the total expenditure of Rs.87.000 being amount spent under the head 'computers", and, vouchers were also not available for Rs.2,85,681/- being the amount spent on advertisement by Silicon City College, a college under the management of the trust. 7. For granting recognition u/s. 80G(5)(vi) of the Act, the trust has to satisfy that, it is established in India for a charitable purpose and the provisions of secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re. Accordingly the trust has maintained proper books of accounts and maintained records which are very much evident from the audit report and the certified copy of the balance sheet, income & expenditure account, receipt & payment account issued by the Chartered Accountant of the trust (pages nos. 21 to 29 of the paper book). It is also pertinent to note that the trust had been enjoying recognition u/s. 80G(5)(vi) of the Act since 20.12.2005, after being granted recognition u/s. 12AA(1)(b)(i) of the Act w.e.f. 14.1.2005. 10. Considering all these facts and circumstances of the case, we are of the opinion that the assessee trust deserve to be granted renewal, of recognition under section 80G(5)of the Act. It is ordered accordingly. 11. In ..... X X X X Extracts X X X X X X X X Extracts X X X X
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