Assessee claimed exemption under S.11 of the Act.  AO and CIT (A) denied the exemption on ground that registration granted to assessee under S.  12A was cancelled by Director (Exemption) for reason that assessee was earning income by exploiting its assets commercially and, thus, it was engaged in carrying on business activities. On appeal the Appellate Tribunal had set aside order of cancellation of registration and restored registration granted under S. 12A  of the Act .  Accordingly the order of the AO and CIT ( A) was set aside .(AY.2009 10, 2011-12)