2025 (3) TMI 139

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....the assessee trust has filed an application date 07.02.2024 in Form 10AB under clause (iii) of first proviso to sub-section(5) of sec.80G of the Act before the learned CIT (E), Pune. The learned CIT (E) issued notice dated 26.04.2024 through ITBA portal requesting the assessee to upload certain information/ clarification. In response to the same, the assessee furnished certain documents. After verification of the said documents, the learned CIT(E) noted various discrepancies and again issued notice dated 05.07.2024 calling reply of the assessee point-wise with supporting documents. The assessee filed his reply dated 11.07.2024. However, the learned CIT(E) was not satisfied with the explanation/documents submitted by the assessee and rejecte....

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....ation of facts is contrary to the facts and evidence on record i.e, audited receipts and payments placed on record. He last submitted that there is no statutory provision to cancel approval with retrospective effect and the cancellation of approval granted on 02.10.2021 is unjustified and not sustainable in the eye of law. 5. The Learned DR, on the other hand, relied on the order of the learned CIT(E). He submitted that the assessee trust has huge amounts in bank FDs from preceding two assessment years and 82% of it's donations not utilized for the objects of the trust and failed to substantiate it's claim of non-utilization of funds for the objects of the trust. Therefore, the learned CIT(E) rightly cancelled the approval and pleaded th....

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...., audited financial statements for the assessment years 2021- 22 to 2023-24 in the paper book filed before the Tribunal from pages 10 to 55 of the paper book. On perusal of these documents, we note that the assessee trust has displayed it's utilization of funds from assessment years 2021-2023- 24 to meet out it's objects by complying with the statutory requirements under the Act. We find that the learned CIT(E) observations to the effect that the funds are idle in FDRs in banks and as such, they are not being utilized for the objects of the assessee trust is not justified. In this connection, it is relevant to note here that the Tiger is a National Animal of India. Already the number of Tigers in India is in alarming/depleting level/status.....