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TMI Blog2020 (12) TMI 490X X X X Extracts X X X X X X X X Extracts X X X X ..... al year 2017-18 also during the course of proceedings before the ld. Commissioner of Income Tax (Exemption). Moreover, it is undisputed fact that the appellant society continues to enjoy the registration u/s. 12AA of the Act, therefore, it cannot be said that the objects of the appellant society are not charitable in nature. In any event, since the order of the ld. Commissioner of Income Tax (Exemption) is premised on the wrong assumption that the financial statements for the financial year 2017-18 were not filed. We direct the ld. Commissioner of Income Tax (Exemption) to examine the financial statements afresh and then come to conclusion as to the genuineness or otherwise of the activities of the appellant society and decide the applic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onal institutions for the purpose of imparting education etc. The trust was granted registration u/s. 12AA of the Act on 16.03.1984. The appellant society filed Form 10G on 22.06.2018 for approval u/s. 80G of the Act. On perusal of the said application, the ld. Commissioner of Income Tax (Exemption) had called for certain information in order to enable himself to satisfy about the genuineness of the activities carried on by the trust on 17.11.2018. It is stated that the appellant society had duly complied with the said notice by filing the required details on 29.11.2018. On perusal of the information filed, the ld. Commissioner of Income Tax (Exemption) noticed the following facts:- (i) The assessee has shown FDR as on 31.03.2016 at &# ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llant had duly submitted the required information called for by the ld. Commissioner of Income Tax (Exemption). The facts considered by the ld. Commissioner of Income Tax (Exemption) are the items of assessment and cannot be enquired into at the time of grant of approval u/s. 80G(5)(vi) of the Act. He further submitted that there is no finding by the ld. Commissioner of Income Tax (Exemption) on the failure of the assessee to fulfil the requirements stipulated u/s. 80G(5)(vi) of the Act. Thus, it was submitted that the ld. Commissioner of Income Tax (Exemption) should be directed to grant approval u/s. 80G(5)(vi) of the Act. 7. On the other hand, ld. CIT-DR has submitted that the provisions of section 12AA and section 80G(5)(vi) of the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he due date for filing of the return of income for the assessment year 2018-19 had not expired as on the date when the notice calling for the information was issued. In any event, it is the case of the appellant that he had filed the financial statement for the financial year 2017-18 also during the course of proceedings before the ld. Commissioner of Income Tax (Exemption). Moreover, it is undisputed fact that the appellant society continues to enjoy the registration u/s. 12AA of the Act, therefore, it cannot be said that the objects of the appellant society are not charitable in nature. In any event, since the order of the ld. Commissioner of Income Tax (Exemption) is premised on the wrong assumption that the financial statements for the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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