https://www.taxtmi.com/caselaws?id=388747 The tribunal upheld the cancellation of registration granted to Young Indian under Section 12A/12AA from the assessment year 2011-12. It found that the activities of YI were not genuine and not in accordance with its stated objects. The tribunal also upheld the retrospective cancellation of registration, noting that the breach of conditions existed from the date of granting registration. The principle of lifting the corporate veil was applied to reveal the true nature of the transactions between YI and AJL, indicating a fraudulent design. The tribunal rejected the assessee's contention that the surrender of registration was bona fide and permissible under the law. Consequently, the appeal of the assessee was dismissed. en-us Fri, 15 Nov 2019 00:00:00 +0530 Thu, 21 Nov 2019 14:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388747 The tribunal upheld the cancellation of registration granted to Young Indian under Section 12A/12AA from the assessment year 2011-12. It found that the activities of YI were not genuine and not in accordance with its stated objects. The tribunal also upheld the retrospective cancellation of registration, noting that the breach of conditions existed from the date of granting registration. The principle of lifting the corporate veil was applied to reveal the true nature of the transactions between YI and AJL, indicating a fraudulent design. The tribunal rejected the assessee's contention that the surrender of registration was bona fide and permissible under the law. Consequently, the appeal of the assessee was dismissed. Case-Laws Income Tax Fri, 15 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388747