2015 (6) TMI 547

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...., therefore, the assessee has not filed any return of income in the regular course. The assessee has not filed any application for registration under s. 12AA also. However, there was a search in the premises of the assessee. Consequent to the search operation, the assessee filed the return of income. The claim of the assessee for exemption was rejected on the ground that the trust was not registered under s. 12AA of the Act, therefore, the assessee filed application for registration. 3. According to the learned counsel, the assessee is a charitable trust. The assessee established an educational institution in the name of Travancore Engineering College at Oyoor. Establishing and running educational institution is one of the objects of the....

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....tion. 5. We have considered the rival submissions on either side and also perused the material available on record. Establishing and managing educational institution is one of the objects of the trust as per the bye-laws. At the initial period, the assessee has not applied for registration and also failed to file the return of income in the regular course Therefore, a search operation in the premises of the assessee was carried out. During the course of search operation several incriminating materials were found which disclosed the receipt of capitation fee for admission of students over and above the prescribed fee. The treasurer of the trust Shri Shajahan has admitted in his sworn statement dt. 26th April, 2012 that the trust is collec....