Exemption u/s 11 revoked for activities before Young Indian's incorporation; AJL acquired with valuable property.

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Full Text of the Document

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....Exemption u/s 11 - cancellation of registration - even before incorporation of Young Indian, the registered office was shifted to Delhi and the Directors managing the affairs of the assessee company were taken on Board of AJL. Not only that, Young Indian was permitted to use the property of AJL as its registered office. - till the grant of registration and surrender made by the assessee, no worthwhile activities were carried out by AJL. In fact, what it turns out to be is that, the assessee has acquired AJL, a company that owns property worth hundreds of crores from which the AJL had been enjoying only rental income.....