2022 (4) TMI 607

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....n behalf of the respondent ORDER Per Sanjay Garg, Judicial Member: The present appeal has been preferred by the appellant-society against the order dated 27.02.2020 of the Commissioner of Income Tax (Exemptions), Kolkata [hereinafter referred to as 'CIT(E)'] agitating against the cancellation of registration granted u/s 12AA of the Income Tax Act (hereinafter referred to as the 'Act'). 2. At ....

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....had invested in equity shares with IGL of Rs. 5,43,35,000/- and in Zoom Enterprises Ltd. of Rs. 43,25,000/- which investment was not as per the provision of section 11(5) of the Act. The ld. CIT(E), therefore, held that section 13(1)(d) was attracted as provisions of section 11(5) had been violated. The ld. CIT(E), therefore, cancelled the registration of the appellant-society invoking section 12A....

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....t page 6 of paper-book, there is a copy of the order of registration u/s 12AA of the Act dated 11.07.2019, para (iii) of the said order is relevant, which is reproduced as under: "III. After considering the material available on record, the appellant trust/society/nonprofit company is hereby granted registration with salient activities as Education and the provisions of sections 11 and 12 shall ....