TaxTMI 
TaxTMI 
2018 (3) TMI 1191
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.... u/s.25 of the Companies Act, 1956. It filed application in Form No.10A and in form No.10G on 20.07.2016 seeking registration u/s.12AA of the Income Tax Act, 1961 and approval u/s.80G of the Act. The CIT(E) refused to grant registration u/s.12AA and approval u/s.80G of the Act by observing as under :- II, I have gone through the information filed by the applicant company. Some of the objective clauses of the MoA are as under: 1) "To establish, help establish and / or manage laboratories, common facility centre prototype development centers, pilot plant production facilities, applied research centre, software development facilities, training and human resource development centre and other allied subjects to propagate new scientific and t....
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....tory scale to pilot plant scale and or commercial scale, manufacture of prototypes, manufacture of a certain batch of products for market testing, development of software and related products, training and human resource development activities, scientific work research in all related fields'" The above object clause is not specifying the projects for which high technologies are required and how the same are translated and useful for the general public at large. Further, the objective clause is not specifying the projects which it wants to undertake for the general public as claimed in its object and is of general in nature. III. In view of the above, I am of the opinion that the objective clauses as mentioned above are not specific and ....
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....(TBI) in Odisha and selected Kalinga Institute of Industrial Technology (KIIT) University, Bhubaneswar for this purpose which resulted in the incorporation of the assessee company as a non-profit making company u/s.25 of the Companies Act, 1956. The said Minutes of Meeting reads as under :- ITEM No.4 : Consideration & discussion on new proposals for establishment of TBIs 3. Kalinga Institute of Industrial Technology (KIIT) University, Bhubaneswar. The Committee discussed the proposal and took a note of the commitment and contribution of the KIIT management for making the proposed TBI a success. Since the region lacks the institutional mechanisms for supporting technology based ventures, and the proposed TBI is to be first of its kin....
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....supersession of the Government of India in the Ministry of Finance (Department of Revenue) notification number 9/2007-ST, dated the 1st March,2007, published in the Gazette of India, Extraordinary, vide number G.S.R. 163 (E), dated the 1st March,2007, except as respects things done or omitted to be done before such supersession, the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts taxable services, provided or to be provided, by a Technology Business Incubator (TBI) or a Science and Technology Entrepreneurship Park (STEP) recognized by the National Science and Technology Entrepreneurship Development Board (NSTEDB) of the Department of Science and Technology, Government of India, fro....
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....gy, Government of India Nil Nil 10. It was his submission that in view of the above abundant evidences, which are filed before the Tribunal and which were also filed before the CIT(E), the CIT(E) was not justified in overlooking the same and refusing to grant registration u/s.12AA of the Act on whimsical grounds. Hence, he prayed that the order of the CIT(E) should be struck down and he be directed to grant registration u/s.12AA of the Act to the assessee. 11. On the other hand, the Department Representative vehemently argued in support of the order of CIT(E). 12. We have heard rival submissions and perused the orders of lower authorities and materials available on record. The undisputed facts in the instant case are that the ....