https://www.taxtmi.com/caselaws?id=448084 ITAT Indore allowed the appeal where CIT(E) denied registration u/s 12AB and approval u/s 80G(5) based on clause 4(p) of the trust deed. CIT(E) objected that trustees had unlimited authority to divert funds through loans without accountability. ITAT held that the clause must be read in entirety, noting it permitted loans only "for any of the above charitable purposes." The revenue's apprehension of loans to related parties was unfounded as audited statements showed no such transactions. ITAT directed CIT(E) to grant registration u/s 12AB and 80G approval after limited verification. en-us Tue, 19 Dec 2023 00:00:00 +0530 Thu, 11 Jan 2024 09:23:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448084 ITAT Indore allowed the appeal where CIT(E) denied registration u/s 12AB and approval u/s 80G(5) based on clause 4(p) of the trust deed. CIT(E) objected that trustees had unlimited authority to divert funds through loans without accountability. ITAT held that the clause must be read in entirety, noting it permitted loans only "for any of the above charitable purposes." The revenue's apprehension of loans to related parties was unfounded as audited statements showed no such transactions. ITAT directed CIT(E) to grant registration u/s 12AB and 80G approval after limited verification. Case-Laws Income Tax Tue, 19 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448084