TaxTMI 
TaxTMI 
2022 (6) TMI 1021
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....blished for various objects set out in the Memorandum of Association (MOA) filed to the Registrar of Companies which inter alia are to set up and run Atal Incubation Centres in partnership with Atal Innovation Mission, Niti Ayog, Govt. of India; encourage entrepreneurship and innovations, etc. On 11.03.2019, the assessee filed first-application to the Ld. CIT(E) in Form No. 10A for grant of registration u/s 12AA of the Act but the Ld. CIT(E) rejected application vide first-order dated 27.09.2019 by making following observations: (i) Certain objects of the assessee [as mentioned in the order of Ld. CIT(E)] are commercial in nature and they are not covered under "charitable purpose" in terms of section 2(15). (ii) The assess....
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....hat the objects of the foundation were not changed from the original thus not genuine, which is wrong, illegal and unjustified. 2. The appellant runs incubation centre for start-up under the scheme of NITI Aayog and allied work which is a Charitable Object. 3. The appellant prays for the relief and request to grant registration under section 12AA of the I.T. Act 1961. 4. The appellant carves leave to add, alter or amend any grounds of appeal as and when the necessity and occasion arises." 4. Ld. AR submitted that the Ld. CIT(E) has rejected the assessee's second-application dated 20.01.2020 on the sole reason that there is no change in the objects. The Ld. AR submitted that the fact is that the assessee had alr....
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....tion so as to omit or amend the objects. Ld. AR submitted that the assessee has furnished a copy of amended Memorandum of Association, approved under Companies Act, 2013, to the Ld. CIT(E) and the same is also placed in the Paper-Book. Ld. AR submitted that despite this, the Ld. CIT(E) has made a wrong finding that "there has been no change in the object". (ii) Objection No. 2 - The assessee has not provided MOU or Agreement with Niti Ayog and accounts: Ld. AR submitted that the copies of Income-tax Return with audited accounts were duly filed to Ld. CIT(E) and the same are placed at Page No. 61 to 91 of the Paper-Book. (iii) Objection No. 3 - There is a provision to share the benefits of the assessee-company amon....
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.... of the Memorandum of Association, which also provides categorically that in the event of the winding up or dissolution of the company, the surplus shall not be distributed to the members of the company: "If upon a winding up or dissolution of the Company, there remains, after the satisfaction of all the debts and liabilities, any property whatsoever, the same shall not be distributed amongst the members of the Company, but shall be given or transferred to such other company, having object similar to the objects of the Company, to be determined by the members of the company at or before the time of dissolution or in default thereof, by the High Court of judicature that has or many acquire jurisdiction in the matter." (iv) ....