Attachment and proclamation of sale of immovable property: limitation treated from financial year end; proclamation held within period, petition dismi...
Second Schedule attachment and validity of a post-notice mortgage: TRO cannot declare mortgage void ab initio; sale and appropriation allowed thereaft...
Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
Cancellation of a trust's registration cannot rest on generation of surplus alone; Section 12AA(3) requires the decision-maker to be satisfied and record that the trust's activities are not genuine or are being carried out outside its objects, and absent such findings cancellation fails. Surplus arising in the course of education does not, by itself, negate charitable character. Sections dealing with exemption conditions and registration/cancellation serve different purposes, so interpretive conclusions under exemption provisions cannot be imported wholesale into the registration framework, though the principle that educational surplus is not decisive may inform that analysis.
Cancellation of a trust's registration cannot rest on generation of surplus alone; Section 12AA(3) requires the decision-maker to be satisfied and record that the trust's activities are not genuine or are being carried out outside its objects, and absent such findings cancellation fails. Surplus arising in the course of education does not, by itself, negate charitable character. Sections dealing with exemption conditions and registration/cancellation serve different purposes, so interpretive conclusions under exemption provisions cannot be imported wholesale into the registration framework, though the principle that educational surplus is not decisive may inform that analysis.
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