9911796707
TMI Blog2016 (5) TMI 1264X X X X Extracts X X X X X X X X Extracts X X X X ..... against the orders of the Director of Income Tax (Exemptions)["D.I.T.(E)" for short] dated 30.11.2011 passed under Section 12AA(1)(b)(ii) of the Act. In the order under appeal, the Tribunal held that the assessee had applied for registration as a charitable institution under Section 12AA of the Act on 03.03.1997; the D.I.T.(E) had granted registration only with effect from 01.04.2004; on the said order of the D.I.T.(E) being challenged, the I.T.A.T. had directed the department to grant registration to the assessee with effect from 01.04.1997; from the order passed by the D.I.T.(E) they failed to find any specific instances on the basis of which it could be said that the assessee was not genuine, and its activities were not in accordance w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng on charitable activities, would they be entitled for exemption under Section 12AA of the Act; educational institutions are mostly carrying on business on commercial lines solely with the intention to make profits; it is with a view to prevent abuse of the provisions of the Act by these institutions, was Section 2(15) substituted by the Finance Act, 2008 with effect from 01.04.2009, and provisos were inserted thereto; and the Tribunal has erred in interfering with the order of the D.I.T.(E) cancelling the registration granted earlier in favour of the respondent-assessee. On the other hand Sri K.Vasantkumar, Learned Counsel for the respondent-assessee, would place reliance on a copy of the memorandum of association of the respondent-asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... course in Osmania University in Banking sections related to education and mainly providing service, with cost, to various banks under the control of the Reserve Bank of India; it had also collaboration with (a) University of Hyderabad under which the respondent-assessee is running a full-fledged postgraduate course-M.Tech. (Information Technology) with specialisation in banking technology and information security and (b) University of Hyderabad under which research fellows have been pursuing research exclusively in the areas of banking technology; and the Society had received grants from various organisations, but had not utilized the entire grants for the purpose for which it was received. The D.I.T.(E) then goes on to extract the definit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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