Tribunal held that once CIT(E) grants registration under S. 12A, then, same is required to be continued till there is change in nature of activities undertaken by assessee-association and the procedure provided in S. 12AA (3) and (4) is to be followed for cancellation of registration. Tribunal also held that income earned by assessee-association from commercial lease rent exceeding Rs.25 lakhs could not be reason for denying continuation of registration already granted. (AY. 2009-10)
Orissa Olympic Association v. CIT (2020) 77 ITR 407 / 180 ITD 692/ 190 DTR 167/ 205 TTJ 790 (Cuttack)(Trib.)
S. 12AA : Procedure for registration–Trust or institution-Registration granted is required to be continued till nature of its activities change-Registration cannot be cancelled on mere fact that the trust earned commercial lease rent exceeding Rs. 25 lakhs. [S. 2(15), 12A]