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TMI Blog2017 (1) TMI 1006X X X X Extracts X X X X X X X X Extracts X X X X ..... of the two numbers. 2. With the consent of learned counsel for the parties we proceed to hear and decide this appeal finally at this stage. 3. Heard Sri Alok Mathur, learned counsel for appellant and Sri Desh Deepak Chopra, Advocate for respondent. 4. This appeal under Section 260-A of Income Tax Act, 1961 (hereinafter referred to as the "Act, 1961") has arisen from judgment and order dated 30.07.2015 passed by Income Tax Appellate Tribunal, Lucknow Bench ''B', Lucknow (hereinafter referred to as the "Tribunal") in ITA No. 324/Lkow/2015. It relates to Assessment Year 2010-11. 5. Following substantial questions of law are raised in this appeal: (i) Whether on the fact and in circumstances of the case, ITAT is justified in l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 11 and section 12 shall not apply in relation to the income of any trust or institution unless the following conditions are fulfilled, namely:-- (a) the person in receipt of the income has made an application for registration of the trust or institution in the prescribed form and in the prescribed manner to the Principal Commissioner or Commissioner before the 1st day of July, 1973, or before the expiry of a period of one year from the date of the creation of the trust or the establishment of the institution, whichever is later and such trust or institution is registered under section 12AA : Provided that where an application for registration of the trust or institution is made after the expiry of the period aforesaid, the provisions o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... relevant assessment year the report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed." 7. It is thus evident that under amended provision, as is applicable in relevant assessment year, not only making of application for registration of trust is necessary but even registration of trust as such is a condition provided in statute. 8. Learned counsel appearing for respondent placed reliance on a departmental circular which was issued after amendment of Section 12A w.e.f. 01.04.1997 and para 19.3 thereof reads as under: "19.3 It has also been provided that the grant of registration shall be one of the conditions for grant of income-tax exemption." 9. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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