2010 (8) TMI 127

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....dustries Estate, Kanpur (the respondent) is a charitable trust and was granted registration under Section 80G of the Income Tax Act (the Act). The benefit under Section 80G of the Act was coming to an end and as such the trust filed an application for renewal of registration from 1.4.2007 onwards.   The aforesaid application was rejected by the Commissioner of Income Tax-1, Kanpur (the CIT....

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....ety) to purchase an agricultural land for Rs. 1.26 crores and a sum of Rs. 8,89,895/- had been paid by the respondent towards advance. Under the agreement it was agreed that the entire amount of Rs. 1.26 crores was to be kept separate in F.D.R. in a nationalized bank for five years and was made to be utilized with the condition that in case the litigation was not decided and permission for leasing....