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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 ..... o. 7922/Mum/2011 - - - Dated:- 22-1-2014 - Shri Vijay Pal Rao, JM And Shri D. Karunakara Rao, AM Assessee by : Shri Chetan A. Karia Revenue by : Shri A. C. Tejpal ORDER Per : Vijay Pal 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 regarding legitimate investment claims the Government of India vide notification No. F 14/4/SE/85 dated 22.8.1985 stipulated setting up an Investor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and facts and circumstances in the case of the assessee as well as in the case of Interconnected Stock Exchange Investors Protection Fund are identical therefore, the issue is covered by the decision of the Co-ordinate Bench. He has further submitted that the grounds on which the application for registration has been rejected by the DIT(Exemption) are also identical and 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 ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ingly, the object of the applicant cannot be as a service in relation to any trade, etc. Further, even assuming so, the same does not involve any consideration inasmuch as no quid pro quo can be attributed to the mandatory contributions to the fund by the participating stock exchanges. In our considered view, therefore, the applicant fund is a public charitable fund, set up to advance an object of general public utility, and has been wrongly denied registration as one by the Revenue. We, accordingly, vacating the findings of the competent 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 favo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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