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TMI Blog2021 (10) TMI 447X X X X Extracts X X X X X X X X Extracts X X X X ..... remuneration paid to Ms. Nirmala Diaz, founder trustee - CIT(E) has referred to clause 21 amended deed dated 20/12/2002 to cancel the registration that the trustees shall not be entitled to any remuneration for their service put in by them in connection with the management of the trust , which is not having much weightage and not a ground to cancel the registration. Ms. Nirmala Diaz, founder trustee is coordinating for smooth running of day to day activities of educational institution. Even if the CIT(E) was not satisfied with her services rendered in consonance with the remuneration paid by the trust, he could have disallowed the excess expenditure as per his opinion, but the same should not be taken a ground to cancel the registration of trust. CIT(E) can cancel the registration only in situations, namely, i) if the activities of the such trust or institution are not genuine or ii) not being carried out in accordance with the objects of the trust or institution as the case may be. Both the situations are mutually exclusive. The trust is carrying educational activities which are within the purview of the object clause of the trust deed - cancellation of the registration is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion accorded u/s. 12A dt:30-07-1998 is genuine one and it cannot be disturbed as the amendment made to the original deed dt:12-09-1996, and for mere failure to communicate amendment in the trust deed to the CIT (Exemptions) cannot tantamount to cancellation of registration ix] s 12AA of the Act, which view is supported by the Decision of the Hon'ble ITAT, Hyderabad in the case of Vignana Jyothi vs. DIT(Exemptions) vide ITA No. 1751/H/2014, dt:26-04-2017. 6. The Ld. CIT (Exemptions) erred in taking the ground that the address appearing in the registration certificate u/s. 12A and the address as appearing in the returns of income is the ground for refusal of registration u/s. 12AA(3) on 06-12-2019, which is not at all a ground for refusal of registration ix] s 12AA of the Act, which view is supported by the Decision of the Hon'ble ITAT, Hyderabad in the case of Vignana Jyothi vs. DIT(Exemptions) vide ITA No. 1751/Hyd/2014, dt:26-04-2017. 7. The Ld. CIT (Exemptions) ought to have considered the clause No. 21 of the trust deed dt:20-12-2002 is to be read in continuation of the clause No. 11 of the said trust deed and thus there is no reason to refuse registration u/s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . No. Hq-I/12A and 80G/102/96-97 dated 30/07/1998 and also approved u/s. 80G of the Act vide DIT(Exemptions), Hyderabad in F. No. DIT(E)/Hyd/80G/17(10)07-08, dated 05/03/2008. 2.1. The CIT(E) observed that the assessee had cancelled the trust deed on 20.12.2002 and reconstituted the trust. The assessee had received 12A registration in 1998 based on Original Trust deed. However, as can be seen the assessee had cancelled the Original Trust deed and reconstituted the trust, the 12A certificate issued in 1998 is not valid for the reconstituted trust. He noted that the assessee had not bothered to inform the department regarding the reconstitution of the trust and cancellation of the earlier original trust deed. The CIT(E) further noted as under: a) Violation of section 13(1) of the IT Act b) Activities of the assessee in violation of the trust deed. c) Running Posh School d) Source of income is from the activity lawfully carried on, but, the assessee failed in fulfillment of the basic requirement of income derived from the property held under trust wholly/solely for charitable purposes. e) Books of account do not inspire genuineness. 2.2. In view of the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rder of cancellation of registration of trust passed by the Commissioner of income tax, in terms of section 12AA(3) of the Act., is fraught with inherent factual mistakes, legal defects/procedural violations and the decision to withdraw the registration is un-sustainable to the test of judicial scrutiny. The order passed by the CIT [E] u/s. 12AA(3) r.w.s. 12AA(4) is not sustainable and liable to be cancelled for the following reasons. i) The Show cause notices issued to us has not contained specific reasons showing any sort of defects related to the non-genuinity of activities of the trust or activities of trust are not carried in accordance with the trust deed. ii) No change in the object clause of the trust deed. iii) On factual matrix, there is no capitation fee collected from the students. iv) Payment of Reasonable Salary, based on qualification, experience and expertise, cannot result in violation of provisions of section 13 v) No Effective date of cancellation of registration of trust u/s. 12AA(3) is mentioned in the CIT Order. A detailed point wise clarification is explained in the subsequent paragraph's of the submission. 4. First of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of brevity, the contents of the show cause notices dated: 30-11-2018 is reproduced hereunder: 2 Remuneration to Ms. Nirmala Diaz: The initial salary fixed to Smt. Diaz at ₹ 18150/- pm (yearly ₹ 225000/-) w.e.f. 30-04-2004, Whereas within span of 11 years the increase of salary is nearly 450% which is unreasonable. Therefore, it is cleared that the assessee trust provides benefit directly to the founder trustee and also specified person and hence, the benefit of section 11 of the act will not be available in this case, On verification of educational qualifications of Ms. Nirmala Diaz with other staff the following details are noticed. 7. The commissioner of income tax has travelled beyond the show cause notice to cancel the registration of trust: It is clear from the above that the show cause notice issued to us, requires clarifications and objections against the proposed revocation of registration u/s. 12AA of Acton different kind of reasons which cannot be considered as violations falling within the ambit of the provisions of sec. 12AA(3) of the Act entailing the trust to be cancelled the registration already granted u/s. 12A of Act. Thus, the Conte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 18.07.1998 based on which 12A registration was granted doesn't exist, the assessee reconstituted vide trust deed dated 20.12.2002 is a trust without having 12A registration since the approval of the Commissioner of Income Tax has not been obtained for making such amendments. Therefore, assessee's 12A certificate issued earlier is hereby cancelled. ii) CIT alleges: 'The assessee trust has violated the provisions of Sec. 13(1)(c) by way of receiving unreasonable remuneration rom the trust b the members 0 trustees: 5. Violation of Sec. 13(1) of the Income Tax Act: On perusal of the trust deed dated 20.12.2002, at Clause-21 the following is observed: 21. The trustees shall not be entitled to any remuneration for their service put in by them in connection with the management of the trust. However, on perusal of the financial statements for the period ending 31.03.2018, the following trustees have been paid remuneration as follows: Particulars Relationship Amount in Rs. Ms. Nirmala Diaz Founder Trustee 16,24,350/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ave violated the conditions stipulated under the provisions of Sec. 12AA(3), but none of the grounds as discussed above depicts the violation of the provisions of Section 12AA(3). Here, for immediate reference, the relevant provisions of section 12AA of the Income Tax Act are re-capitulated which reads as under: 12AA. Procedure for registration: (1) The Commissioner, on receipt of an application for registration of a trust or institution made under clause (a) or clause (aa) of sub-section (1) of section 12A, shall- (a) call for such documents or information from the trust or institution as he thinks necessary in order to satisfy himself about the genuineness of activities of the trust or institution and may also make such inquiries as he may deem necessary in this behalf; and (b) after satisfying himself about the objects of the trust or institution and the genuineness of its activities, he-- (i) shall pass an order in writing registering the trust or institution; (ii) shall, if he is not so satisfied, pass an order in writing refusing to register the trust or institution, and a copy of such order shall be sent to the applicant. (2) ..... (3) Whe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3) and in the absence of any activity carried on by the trust contrary to the objects, the registration cannot be revoked. ii) The Show cause notices issued to us has not contained specific reasons showing any sort of defects related to the non-genuinity of activities of the trust: As mentioned in foregoing para's, the registration of trust can be cancelled only if the trust is either not genuine or the activities of the trust are not in accordance with the objects clause of the trust. In this connection, we would like to submit that show cause notices issued to us dated 30.11.2018 has not contained comment on any defects related to the non genuineness of activities of the trust. The show cause notice dated 2011-2018 issued to us has mentioned only about the payment of unreasonable expenditure to the trustee. Further, In the CIT order, commissioner specified that assessee is engaged in alleged collection of capitation fees from students. It is clear that, the show cause notice issued to us is of on different kind of violations which cannot be considered as violations falling within the ambit of the provisions of sec. 12AA(3) of the Act entailing the trust to be c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts towards corpus fund is completely voluntary. As per the Govt. order (GO)-page No. 54 of paper book-1, the school with the committee constituted with 2 members from the parent representatives, can fix the fees for each school. This is the practice followed by all the schools and Govt. order (GO) is very clear on that. The fees will be fixed based on the amenities like bus, food etc. provided school to school basis. The fees fixed will be inspected by the education department every year. In our case also, we followed the same and collected from the students/parents. Therefore, there is no case to hold that the institution collected over and above the fixed fee. As such the amount is not at all capitation fee. Further, all that amount which has been collected from students is duly accounted for in the books of accounts. Entire amount of fee collected has duly been accounted for in the books of account. Therefore, it is submitted that the conclusion of the honourable CIT that there is an unlawful act and thus the institution indulged in unlawful act is not well founded and is without any basis by giving a colour to a particular receipt as capitation fee without any material and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It is respectfully submitted that given the above factual drop, the payment of salary of ₹ 84,391 per month to Mrs. Nirmala Diaz is quite justified and is not unreasonable. As submitted above; she renders services in many. Hence, the remuneration paid to the founder trustee's is justifiable in law. 13. No Effective date of cancellation of registration u/s. 12AA(3) is mentioned in the CIT Order: In this connection, we would like to explain that the Commissioner in his order of revocation u/s. 12AA(3) of the Act., has not mentioned the effective date of applicability of order. The relevant para from the CIT order is here under: 9. Therefore for all the reasons discussed in the order, the Registration is cancelled u/s. 12AA(3) r.w.s. 12AA(4) of the Income Tax Act. Hence, it is strongly contended that the Commissioner has grossly erred in passing the order without specifying the date of effect of this revocation order and thus the order is invalid. This view is supported by various legal precedents, as mentioned in the subsequent para's. Therefore for all the above grounds and reasons as discussed above, also in view of various legal precede ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tively. 1. Indian Medical Trust having citation no [2019] 108 Taxmann 93. 2. Agra Development Authority having citation no [2018] 90 Taxmann 282. 3. Urmila Devi Charitable Trust Vs. CIT (Exemptions) having citation No. ITA 4136/Delhi/2017. 4. Devki Devi Foundation Vs. Director of Income Tax (Exemption) having citation no [2019] 110 taxmann.com 492 (Delhi-Trib.). Salary based on qualification/Reasonable compensation paid for the services rendered cannot result in violation of provisions of section 13(1)(c). 1. PNR society for relief Rehabilitation of disabled trust vs. Deputy Director of Income Tax having citation No. 52. Taxmann.com 362. 2. CIT vs. CMR Jnanadhara Trust having citation No. 55. taxmann.com 516. Registration of an institution under section 12AA(3) cannot be cancelled without mandatory recording of satisfaction, either on issue that activities of the trust are not genuine or it is not being carried out in accordance with objects for which it was setup. 1. St. Michaels educational association vs. CIT having citation No. 111 taxmann.com 242. 13(1) violation should be restricted to the amount violated but trust registrat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under: In this case, the CIT (E), Hyderabad, suo-motu initiated the proceedings for cancellation of registration on multiple grounds and, accordingly, cancelled the registration, vide impugned order u/s. 12AA(3) r.w.s. 12AA(4) of the Income-tax Act, 1961 ( the Act for short), dated 5.12.2019, after affording adequate number of opportunity of hearing to the assessee by scrupulously following the relevant provisions of the Act and in accordance with the principles of natural justice. One of the main grounds for cancellation of registration is that the assessee amended and re-constituted the trust deed itself after having granted registration u/s. 12AA of the Act, but without informing or taking approval of the CIT. 2. In this regard, the Appellate has raised an objection/ground that the CIT cancelled the registration without fulfilling any of the conditions stipulated under sub-section (3) of section 12AA of the Act. In view of this, before analysing the facts of the case at hand, it is worthwhile to understand the provisions of sub-section (3) of section 12AA of the Act, as discussed below. 3. As per the scheme of the Act, relating to taxation of charitable trust/ins ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... celling the original trust deed and constituting a new trust deed or amending the clauses of the original trust deed, including the object clauses, then, the CIT has every right to invoke the second limb of sub-section (3) i.e., activities are not being carried out in accordance with the objects of the trust or institution , implying that the activities are not being carried out in accordance with the objectives/object clauses as enshrined in the original trust deed on the basis of which the assessee was granted registration u/s. 12 AA/12A of the Act. As such, there is a direct nexus between the objects of the trust and granting of registration u/s. 12AA/12A of the Act. If the registration has been granted on the basis of particular set of objects enshrined in the trust deed, then the said registration is valid in the eyes of the law till such time the said set of objects are in-tact, without any tinkering or modification. 8. Thus, in accordance with the statutory provisions, not only thy genuineness of the activities but also, the consistency as well as stability of the object clauses assumes vital importance in order to avail the benefit of exemption of income u/s. 11 and 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Act, the assessee had amended the trust deed is categorically stated in the said amended trust deed at internal page No. I and paper book page No. 93, and the same is extracted below for ready reference and better understanding of the factual-matrix of the case: WHEREAS certain clauses which are to be made in compliance with Income Tax Act, it became necessary to make new Trust deed 12. Please refer to the Appellant's paper book page Nos. 93 to 114 which contain the said amended trust deed wherein necessary clauses required by the CIT/Act, are incorporated. On the basis of the said amended trust deed, dated 18.07.1998 ( original trust deed for short), the CIT granted registration u/s. 12AA of the Act on 30.07.1998. As per the said original trust deed, on the basis of which the registration was granted by the CIT, the objects of the trust are given at internal page No. 3 to 7 of trust deed, which are appearing at page Nos. 97 to 103 of the Appellant's paper book. As per which, there are 4 main/broad objects as given below: 1. Education. 2. Medical relief. 3. Relief of the poor; and 4. Other objects of general public utility. 13. S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e income tax Act or any other statutory modifications there off for the time being in force, and prior approval of the commissioner of the income tax shall be obtained . (Emphasis supplied) 16. However, it is an admitted fact that prior to cancellation and reconstitution of the trust deed along with modified objects of the trust, the assessee has not obtained the approval of the Commissioner of Income-tax. Similarly, it is an admitted fact that even after cancelling the trust deed and reconstituting the same with amended/modified objects, the assessee trust has not bothered to inform the same to the Commissioner of Income-tax till the date of initiation of cancellation of registration proceedings, vide first show cause notice/letter dated 30.11.2018. 17. Under the circumstances, the second limb of section 12AA(3) of the Act i.e., activities are not being carried out in accordance with the objects of the trust/institution is squarely attracted, warranting cancellation of registration by the CIT. In view of this, the CIT cancelled the registration after providing adequate number of opportunities of hearing to the assessee, vide show cause notices/letters dated 30.11. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on was required to be given to enable the Commissioner to exercise the power of cancellation, even then where the assessee had failed to give such intimation it could not be permitted in the discretionary jurisdiction under article 226 of the Constitution of India, to plead the defense that the Commissioner had not cancelled the registration. Further, in a situation where the objects of the trust or institution have been altered wholesome after the grant of registration and intimation of the alteration has not been given to the Commissioner, the order of the assessing authority on the assumption that the registration, which was granted on the basis of a particular representation, held out by the assessee no longer survives or holds good, would not call (or interference by the Court in exercise of its equitable and discretionary jurisdiction. The Court is unable to exercise the discretion to enable the assessee to continue to utilize and enjoy the registration despite the wholesome change in the objects without giving its immediate intimation to the Commissioner. (Emphasis supplied) (2) Board of Control for Cricket in India vs. ITO (2012) 22 taxmann.com 29 (Mumbai-ITAT):- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... u/s. 11 and 12 of the Act, even if such activities are charitable in nature. (4) The same view point has been once again reiterated by the Hon'ble ITAT, Bangalore, in the case of Kripanidhi Educational Trust vs. DIT(E) (ITA No. 86/Bng/2012, dated 14.09.2012), wherein it is observed by the ITAT that in the case of Allahabad Agricultural Institute (supra), there was a total change of the objectives of the charitable institution and therefore the Hon'ble He did not interfere with the cancellation of registration u/s. 12AA of the Act., whereas in the case of the assessee there was no wholesome change in the objectives of the institution. However, in the instant case, there is wholesome change of the trust deed itself, let alone the object clauses. Thus, the decision of ITAT in Kripanidhi case is not applicable to the facts of the instant case. VIOLATION OF PROVISIONS OF SEC-13(1) OF THE ACT: 19. Without prejudice to the above, the cancellation of registration is requested to be sustained u/s. 12AA(4) of the Act, on the ground of violation of provisions of section 13(1) of the Act. To be precise, as per the provisions of section 12AA(4) of the Act, which came int ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion with the management of the trust . Kindly refer to page No. 127 of the paper book of the Appellant. 21. In view of the above, it is an admitted fact that the assessee had violated the provisions of section 13(1)(c) of the Act and the object clause of the trust deed, since by way of making payment towards salary/remuneration to the Settler/Author and founding trustee, in excess of what may be reasonably paid for the services rendered by her, a part of the income of the institution inured directly for the benefit of the persons referred to in clause (a) of sub-section (3) of section 13 of the Act. Accordingly, the assessee has violated the provisions of section 13(1)(c)(1) of the Act and, therefore, the CIT has rightly invoked the provisions of section 12AA(4) of the Act. Also, it is an admitted fact that the assessee has contravened one of the object clauses i.e., clause No. 21 of the trust deed (supra). 22. In this regard, reliance is placed on the following judicial precedents. 1. CIT vs. Rattan Trust (1997) 227 ITR 356 (SC). 2. CIT vs. Nagarathu Vaisiyargal Sangam (2001) 246 ITR 164, (Madras HC):- In this case, the Hon'ble Madras He has held that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... crucial date even if the trust deed authorized the trustees to amend the trust deed to bring in the mandatory condition or requirement (or them to invest funds of the trust in a concern in which they might be interested. It is an admitted fact in this case that there is a violation of section 13(c) as the assessee invested funds in a limited company where the trustee is the managing director and his wife is a director. Being so, in view of the judgment of Supreme Court in the case of CIT v. Rattan Trust [1997 227 ITR 356/93 Taxman 344 and the judgment of jurisdictional High Court in the case of CIT v. Nagarathu Vaisiyargal Sangam (2000 246 ITR 164/[2001] Taxman 62 (Mad.) the Assessing Officer was correct in invoking the provisions of section 13(c) and denying exemption to the assessee under section 11 . (Emphasis supplied) 23. In view of the ratio laid down by various judicial authorities, including Hon'ble Supreme Court, the assessee is not entitled to enjoy the benefit of registration u/s. 12 AA of the Act and consequential exemption of income u/s. 11 and 12 of the Act, if it contravenes the provisions of section 13(1) of the Act. In the instant case, it is clearly ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and, the case law relied upon by the ld. AR of the assessee are squarely applicable to the facts of the case of the assessee. 6.1. In the case of Maharashtra Academy of Engineering Educational Research Vs. DCIT, [2017] 88 Taxmann.com 864 (Pune - Trib.), the coordinate bench has held as under: 151. We find some merit in the above arguments of the Ld. Counsel for the assessee. So far as denial of exemption u/s. 11 and 12 for violation of provisions of section 13(1)(c) are concerned the Pune Bench ITA Nos. 915 to 920/PUN/2012 of the Tribunal in the case of Sinhgad Technical Education Society Vs. ACIT vide ITA No. 320/PUN/2010 order dated 14-12-2016 has held that whenever there is violation of provisions of section 13(1)(c) or 13(1)(d) of the Act, exemption cannot be withdrawn for the entire income and income which is the subject matter of violation only can be brought to tax. The relevant observation of the Tribunal from Para 68 onwards read as under: 68. We have considered the rival arguments made by both the sides, perused the orders of the AO and Ld. CIT(A) and the paper book filed on behalf of the assessee. We have also considered the various decisions cited before ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the provisions of law. These two concepts are different. They have different consequences. It is interesting to note that although the Legislature withdrew Section 164(2) by the Direct Tax Laws (Amendment) Act, 1987, which provision was reintroduced by the Direct Tax Laws (Amendment) Act, 1989, the Legislature did not touch the proviso to Section 164(2) which has been on the statute book right from April 1, 1985. The said proviso was inserted by the Finance Act, 1984. The proviso specifically refers to violation of Section 13(1)(d) and its consequences. In the circumstances, we find merit in the contention of the assessee that in the present case, the maximum marginal rate of tax will apply only to the dividend income from shares in Mafatlal Industries Limited and not to the entire income. Therefore, income other than dividend income shall be taxed at the normal rate of taxation under the Act. 70. We find the Hon'ble Karnataka High Court has followed the above decision of Hon'ble Bombay High Court in the case of CIT Vs. Fr. Mullers Charitable Institutions reported in 363 ITR 230. Subsequently, the Hon'ble Karnataka High Court in the case of CIT Vs. Karnataka Ind ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me which is subject matter of violation only can be brought to tax. 6.2. In the case of Vignana Jyothi vs. DIT (Exemptions) vide ITA No. 1751/Hyd/2014, dt: 26-04-2017, on which reliance placed by the ld. AR of the assessee, the coordinate bench of this Tribunal has held as under: 10. As already submitted, the Assessing Officer made additions of ₹ 1,55,81,000/- in the assessment for Asst. Year 2005-06 and ₹ 1,84,85,000/- for Asst. Year 2006-07. When the matter reached the Hon'ble ITAT, it has been held by the Hon'ble ITAT in its order dated 19-10-2012 in the quantum appeals for Asst. Years 2005-06 and 2006-07 in ITA Nos. 378/Hyd/2009 and 66/Hyd/2010 dated 19-10-2012 we are of the opinion that adequate enquiry should have been conducted by the lower authorities before coming to the conclusion that the assessee has charged capitation fee (please see paragraph 12 of the said ITAT's order-at pages 50 to 56 of paper book filed by assessee). Accordingly, the matter was remitted back to the file of the Assessing Officer for deciding the issue afresh and the appeals on the A.O's order are still pending before C.I.T. (Appeals). 11. Much later to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in accordance with its objects or that there has been misappropriation of funds or utilisation for purposes other than the objects of the society. 14. The assessee has placed evidence in the paper book filed to show that several donors have given voluntary donations the nature of which has not been disproved by the Assessing Officer even during the course of fresh assessment proceedings. In this connection a note on background of the assessee society (available at page 151 of the paper book filed by assessee) is reproduced herewith: It is also submitted that the assessee-society was set up in the year 1991 by some prominent industrialists, professionals and service minded people in Hyderabad for providing good educational facilities with the best possible standards to students to enable them to stand on their own. The assessee has also set apart a substantial sum of ₹ 2 crores to provide scholarships to deserving merit students. For all these activities substantial donations were given by the members of the society and public. In this connection it may not be out of place to mention that assessee's institutions are having the best possible infrastructure facilities ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stration is uncalled for. 6.4. However, the SLP filed by the revenue has been accepted by the Hon'ble Supreme Court of India against the above judgment reported in (2018) Taxmann.com 426. Merely admitting the SLP by the Hon'ble Supreme Court is not binding upon us. However, in the case on hand, the object clauses are remain unchanged. 6.5. Now coming to the case on hand, we observe that the trust was executed on 12th September, 1996 and later on it was amended/re-executed on 10th July, 1998, on the basis of this amended trust deed, the society got registration u/s. 12AA(1)(b)(i) of the Act. On going through the object clause, we observe that the core object was charitable in nature to run the educational institution. Further, on 20th December, 2002 the trust deed executed earlier was cancelled by resolving the trustees and reconstituted. While going through all three trust deeds, which are placed in paper book at pages 81-92, 93-114 and 115-132, we observe that as per the trust executed on 20th December, 2002, the core object of the trust deed has not been changed. On further going through the order of CIT(A) at page No. 1, the trust has also obtained approval u/s. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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