https://www.taxtmi.com/caselaws?id=755276 The ITAT Pune allowed the appeal against cancellation of registration u/s 12AB(4). The CIT(Exemption) cancelled registration based on trust deed covenants allowing settlor accommodation and mutual fund investments. The tribunal held that proceedings should be based on actual activities, not deed provisions. Since the settlor died in 1965, the accommodation clause became infructuous. Mutual fund investments were made from corpus donations to meet section 11(5) requirements, not indicating non-genuine activities. The cancellation order was set aside as it failed to establish that trust activities were not genuine or violated trust objects. en-us Fri, 19 Jan 2024 00:00:00 +0530 Tue, 09 Jul 2024 15:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755276 The ITAT Pune allowed the appeal against cancellation of registration u/s 12AB(4). The CIT(Exemption) cancelled registration based on trust deed covenants allowing settlor accommodation and mutual fund investments. The tribunal held that proceedings should be based on actual activities, not deed provisions. Since the settlor died in 1965, the accommodation clause became infructuous. Mutual fund investments were made from corpus donations to meet section 11(5) requirements, not indicating non-genuine activities. The cancellation order was set aside as it failed to establish that trust activities were not genuine or violated trust objects. Case-Laws Income Tax Fri, 19 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755276