2024 (7) TMI 699

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.... "1. Under the facts and circumstances of the case and in law the Ld Commissioner of Income Tax (Exemption) wrongly concluded that the section 8 company is undertaking business activities based on the agreements submitted during proceedings u/s 12A(l)(ac)(iii) of the IT act 1961. All these agreements are for the activities, which is enlisted in the Object clause of the company and are being undertaken on no profit no loss i.e. there is no element of profit therein and therefore the observations of the Ld CIT(Exemption) is on wrong premises and bad in law. 2. Under the facts and circumstances of the case and in law, the Ld. Commissioner of Income Tax (Exemption) Jaipur has erred in cancel the application for registration U/s 12....

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....ed and submitted the written submissions which are kept in the record. The ld. AR invited our attention in relevant paragraph of the submission which are reproduced as below: "1.2 During the course of the proceedings before the Id. CIT (Exemption) an objection was raised that the registration of even the Companies registered under the Companies Act, 2013, will be required to be registered under the Rajasthan Public Trust Act, 1959. 1.3. However, the Devasthan Department Regional Office had in application filed had stated that the institutions registered under the Companies Act, are not registered under the Rajasthan Public Trust Act. 1.4. The appellant was under the mistaken belief that since the objection was rai....

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....ly argued and fully relied on the order of the revenue authorities. The relevant paragraph of the order of ld. CIT(E) is reproduced as below: "02. In response to the above, the applicant submitted its reply for withdrawing the application for registration u/s 12AB and has stated as under:- "We hereby withdraw our application for registration u/s 12A(1)(ac)(iii) of the IT Act in Form 10AB dated 29.09.2022 right now and will apply after .getting registered under Rajasthan Public Trust Act, 1959. Under the above facts and circumstances you are requested to considered our above request of withdrawals of application for Registration u/s 12A(1)(ac)(iii) of the IT Act in Form 10AB vide acknowledgement no. 567774300290922 dated 29....