TaxTMI 
TaxTMI 
2019 (9) TMI 191
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....ion in Prescribed Form for registration under section 12AA of the Income Tax Act, 1961. The Ld. CIT(E)s issued questionnaire requesting the assessee to submit to certain documents in support of the application. The assessee filed submissions from time to time. The Ld. CIT(E) on perusal of the objects of the assessee-company observed that its aims are as under : (a) "To carry out the functions of the Registered Valuers Organization under the Companies Act 2013 read with Companies (Registered Valuers and Valuation) Rule 2017 and functions connected therewith and incidental thereto. (b) To enroll the Registered Valuers and to educate and train them for carrying out effective valuations. (c) To employ fair, reasonable....
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....essee-company for training of the registered valuers. He has submitted that object clause of the assessee-company emphasizes to propagate and disseminate knowledge amongst its Members by holding Seminars, Conferences and Workshops etc. The fruits of such seminars and conferences etc., would be available to the public at large, thus, the organization is not for the benefit of small group of individuals, but, for the general public at large without any profit motive. He has submitted that it is well settled Law that to serve charitable purposes, it is not necessary that the object should be to benefit the whole of the mankind or all persons in the Country or State, even if a section of the public is given benefit, it cannot be said that it is....
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....interest of the public. In the situation of explosion in population, the vast changes brought by the scientific technology and other developments, more particularly, the universal concept of globalisation, new trends in the world order to meet the ever growing challenges to organising seminars, conferences and workshops to educate the people of commercial laws, tax laws, auditing, accounting, direct and indirect taxes are of great general public utility, at least to a section of people falling in the category of charitable institution. Thus, the Tribunal has rightly directed the Commissioner of Income-tax to grant registration to the applicant-society under section 12A of the Income-tax Act, 1961." 3.2. Judgment of Hon'ble Bomba....
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.... of the community sought to be benefited must be sufficiently defined and identifiable by some common quality of a public or impersonal nature. Where there was no common quality uniting the potential beneficiaries into a class the trust might not be regarded as valid. " 3.4. Learned Counsel for the Assessee further submitted that there are various other similar organisations i.e., Indian Institute of Insolvency Professionals of ICAI, Insolvency Professional Agency of Institute of Cost Accountants of India, Practicing Valuers Association of India, ICSI Insolvency Professionals Agency etc., which have been granted registration under section 12A which are having similar objects as that of the assessee which can also be verified from the cha....