2017 (12) TMI 1540

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..... the assessee. We, are of the considered view that in the instant case registration under section 12AA of the Act should be granted to the assessee once as per object clause the genuineness of the activities of the trust is established. Thus we direct CIT (Exemptions) to grant registration to the assessee trust under section 12AA of the Act. - Decided in favour of assessee.
Shri. T.S. Kapoor, Accountant Member And Shri Partha Sarathi Chaudhury,Judicial Member Appellant by: Shri P. K. Kapoor, C.A. Respondent by: Shri Manoj Kumar Gupta, CIT (DR) ORDER Partha Sarathi Chaudhury, J.M: This appeal preferred by the assessee emanates from the order of the ld. Commissioner of Income-tax (Exemptions) dated 4/2/2016, passed under section 12 .....

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..... f Director of Income Tax (Exemptions) vs. Meenakshi Amma Endowment Trust [2013] 354 ITR 0219 (Karnataka). 4. The ld. D.R., on the other hand, relied on the order of the ld. Commissioner of Income-tax (Exemptions). 5. We have perused the case records, heard the rival contentions and we find that in the detailed paper book filed by the assessee, there is a detailed questionnaire raising various queries by the office of the ld. Commissioner of Income-tax (Exemptions) and to which assessee has given answers. The assessee therein has categorically stated that the trust does not owe any immoveable asset. Since the trust was formed on 21/4/2015, the first accounting year has not yet ended. The statement of affairs as on date was enclosed and no .....

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..... trust deed was filed wherein the objects of the trust were clearly mentioned. When these criteria are complied with, then registration under section 12AA ought to have been granted to the assessee. We, taking guidance from the aforesaid judicial principles, are of the considered view that in the instant case registration under section 12AA of the Act should be granted to the assessee once as per object clause the genuineness of the activities of the trust is established. This fact is not disputed by the ld. D.R. We, therefore, for the reasons stated hereinabove, direct the ld. Commissioner of Income-tax (Exemptions) to grant registration to the assessee trust under section 12AA of the Act. 6. In the result, appeal of the assessee is allow .....

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