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TMI Blog2014 (1) TMI 1839X X X X Extracts X X X X X X X X Extracts X X X X ..... l Rao, JM This appeal by the assessee is directed against the order dated 23.8.2011 of DIT(Exemption) passed u/s 12AA of the Income Tax Act whereby the registration u/s 12A has been rejected. 2. The assessee trust is formed by MCX Stock Exchange Ltd. which is a recognised Stock Exchange u/s 4 of the securities contract (Regulation Act 1956). With a view to protect the interest of investor regard ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Training. c) Promoting awareness among Investors at large. d) Conducting research or facilitating and financing research on subject of Investor Protection, compensation, education and awareness and allied subjects, either by itself. 3. The assessee had applied for registration u/s 12A of the Income Tax Act vide application dated 19.9.2011. The DIT(Exemption) has rejected the application vi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the same has been dealt with by the Co-ordinate Bench. On the other hand, the Ld. D.R has relied upon the impugned order. 5. Having considered the rival submissions and careful perusal of the relevant record we note that the application for registration u/s 12AA has been rejected by the DIT(Exemption) on the following grounds: i) the activity of the assessee being carried out not for the object ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Firstly, as a condition for an eligible claim, the relevant member of the stock exchange is to be declared as a 'defaulter' following the prescribed procedure. Two, the corpus of the fund is to be built through, inter alia, share of listing fees, interest on 1% listing deposit, paid and kept by the issuer companies with the respective stock exchanges. An individual member of a particular member ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ompetent authority vide the impugned order, direct it to grant registration applied for. We decide accordingly." 7. As it is clear that the Co-ordinate Bench of Tribunal has decided the identical issue in favour of the assessee by holding that the assessee is a public charitable fund, set up to advance an object of general public utility and therefore, the registration u/s 12A has been wrongly d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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