Purposive interpretation of residential house exemption: unregistered purchase agreement alone does not defeat relief, but investment must be verified...
ITAT allowed the trust's appeal, rejecting CIT(E)'s cancellation of registration u/s 12A and 12AB. The tribunal found no justification for cancellation, noting the trust was established in 1930, previously granted registration in 1975, and consistently assessed under section 143(3). The tribunal emphasized rule of consistency, highlighting that no material changes in trust's activities were demonstrated. Key grounds for rejecting cancellation included: trust's longstanding tax compliance, permissible charitable donations to other trusts, legitimate rental income, and absence of specific year-wise violations. The decision upholds the trust's registration, rejecting revenue's arguments about community-specific establishment and alleged procedural non-compliance.
ITAT allowed the trust's appeal, rejecting CIT(E)'s cancellation of registration u/s 12A and 12AB. The tribunal found no justification for cancellation, noting the trust was established in 1930, previously granted registration in 1975, and consistently assessed under section 143(3). The tribunal emphasized rule of consistency, highlighting that no material changes in trust's activities were demonstrated. Key grounds for rejecting cancellation included: trust's longstanding tax compliance, permissible charitable donations to other trusts, legitimate rental income, and absence of specific year-wise violations. The decision upholds the trust's registration, rejecting revenue's arguments about community-specific establishment and alleged procedural non-compliance.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4813 
Join Channel 
