Dependent Agent PE unresolved for lack of factual inquiry; arm's-length distribution accepted; royalty claim rejected; 15% refund interest (Section 24...
Exemption under s.10(23C)(iiiad) upheld; appeal allowed, interest and dividends excluded from annual receipts, disallowance deleted, capital gains exe...
The ITAT allowed the appeal and directed the CIT(E) to grant registration under section 12A(1)(ac)(iii) to the applicant institution. The Tribunal held that where an entity is a notified religious institution under the applicable State endowments/statute (Schedule-1/section 35 of the State Act), statutory notification and Endowments Department registration substitute for a trust deed, and provisions of the general Trusts Act cease to apply. The institution's authorization letters, proceedings books, resolutions and approvals sufficiently established bona fide charitable expenditure and existence of the trust-function. Denial of registration solely for non-production of a trust deed was therefore unwarranted.
The ITAT allowed the appeal and directed the CIT(E) to grant registration under section 12A(1)(ac)(iii) to the applicant institution. The Tribunal held that where an entity is a notified religious institution under the applicable State endowments/statute (Schedule-1/section 35 of the State Act), statutory notification and Endowments Department registration substitute for a trust deed, and provisions of the general Trusts Act cease to apply. The institution's authorization letters, proceedings books, resolutions and approvals sufficiently established bona fide charitable expenditure and existence of the trust-function. Denial of registration solely for non-production of a trust deed was therefore unwarranted.
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