2022 (4) TMI 607

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....Shri Raju Lapcha, CIT-DR, appeared on 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 (herei....

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....ellant-society as on 31.03.2018, the society 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 ....

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....ties and gone through the records. We find that at 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 E....

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....nt of registration to the appellant-society. There is no allegation that the appellant-society has committed any violation of the provisions of section 11 and 12 of the Act after grant of registration. In view of this, the order of cancellation of registration of the appellant-society, on the basis of the investments made prior to grant of registration when there was no such condition imposed o....