Income Tax Director's Rejection of University's Section 12AA Registration Deemed Unjustified Due to Lack of Property Safeguards.

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....The DIT(E) has rejected the application on the ground that in case of dissolution there is no safeguard to the properties created by the University. - DIT(E) was not justified in declining the registration to the assessee u/s.12AA of the Income-tax Act, 1961 - AT....