2022 (10) TMI 709

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....llants, M/s. Lady Tata Memorial Trust & M/s. Lady Meherbai D. Tata Education Trust (hereinafter referred to as 'the assessees') by filing the present appeals, sought to set aside the impugned order dated 24.09.2021 passed by Principal Commissioner of Income Tax, Mumbai [hereinafter referred to as the PCIT] qua the assessment year 2022-23 to 2026-27 on the grounds inter alia that :- "1. The Learned Principal Commissioner of Income-Tax (PCIT)/ Commissioner of Income-Tax (CIT) grossly erred in issuing order granting registration under section 12AB of the Income Tax Act, 1961 (ITA) dated 24.09.2021 which imposed conditions on the basis of which the registration was granted even though there is no provision in the ITA which permits the ....

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....re is a move to amend or alter the objects/rules and regulations of the applicant, prior approval of the Commissioner of Income Tax shall be sought along with the draft of the amended deed and no such amendment shall be effected until and unless the approval is accorded. b. In the event of dissolution, surplus and assets shall be given to an organization, which has similar objects and no part of the same will go directly or indirectly to anybody specified in section 13(3) of the Income Tax Act, 1961. c. In case the trust/institution is converted into any form, merged into any other entity or dissolved in any previous year in terms of provisions of section 115TD, the applicant shall be liable to pay tax and interest in resp....

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....rofit Company shall maintain accounts regularly and shall get these accounts audited in accordance with the provisions of the section 12A(l)(b) of the Income Tax Act. 1961. Seperate accounts in respect of each activity as specified in Trust Deed/ Memorandum of Association shall be maintained. A copy of such account shall be submitted to the Assessing Officer. A public notice of the activities carried on/ to be carried on and the target group (s) (intented beneficiaries) shall be duly displayed at the Registered/ Designated Office of the Organisation. i. The Trust/ Institution shall furnish a return of income every year within the time limit prescribed under the Income Tax Act, 1961. j. Seperate accounts in respect of profi....

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....y with the provisions of the Income Tax Act, 1961 read with the Income Tax Rules, 1962. r. The registration and the Unique registration number has been instantly granted and if, at any point of time, it is noticed that form for registration has not been duly filled in by not providing, fully or partly, or by providing false or incorrect information or documents required to be provided under sub-rule (1) or (2) of rule 17A or by not complying with the requirements of sub- rule (3) or (4) of the said rule, the registration and Unique Registration Number (URN), shall be cancelled and the registration and URN shall be deemed to have never been granted or issued." 6. When we examine the questions raised by the assessees according reg....