2020 (2) TMI 1149

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...., a Trust viz., Ayur Siddha Health & Research Foundation, Chennai and held that the Assessee Trust cannot be said to be engaged in any trading or business activity so as to deny the benefit of registration under Section 12AA of the Act. The learned Director of Income Tax (Exemptions) had rejected the said application of the Assessee Trust for registration under Section 12AA of the Act vide order dated 29.07.2011 on the ground that the Object Clause 3.3(e) of the Trust Deed provides for development of new drugs or medicines, Object Clause 3.6(g) speaks about printing, publishing and selling journals, periodicals, books etc., Object Clause 3.8(f) mentions about establishing financial institutions etc., and therefore the learned Commissioner f....

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....cumstances of the case, the Tribunal was right in holding that the assessee is entitled to grant of registration under Section 12AA of the Income Tax Act? 3. Learned Senior Standing Counsel for the Revenue Mr.J.Narayanaswamy urged that the definition of 'Charitable Purposes' under Section 2(15) stood amended by the Finance Act 2008 and by the insertion of Proviso therein by the Finance Act 2015 with effect from 01.04.2016, the activities in the nature of trade, commerce or business are excluded from the said definition of 'Charitable Purposes' and therefore, since the activities under the specified clauses of the Trust Deed were found to be in the nature of business, which the Assessee may engage and therefore, the learne....