High Court Rules: Section 12A Registration Valid, Tax Exemption Hinges on Meeting Section 2(15) Criteria Without First Proviso.

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....Registration u/s 12A - Notwithstanding the fact that the assessee is conferred registration under the provisions of Section 12A of the Act, unless the assessee falls within the provisions of Section 2(15) of the Act, excluding the first proviso, the assessee would not be entitled to the benefit of exemption from the tax - Registration cannot be cancelled - HC....