The High Court, dismissing the Revenue\u2019s appeal and affirming the Tribunal\u2019s order granting registration under section 12AA, held that where the assessee-SPV, promoted and funded by the State Government, was engaged in activities advancing entrepreneurship and public utility, registration under section 12AA could not be denied by invoking the proviso to section 2(15). At the stage of registration, the CIT(E)\u2019s enquiry is confined to the charitable objects and genuineness of activities. Since the statutory conditions of section 12AA were satisfied, registration cannot be denied.<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 12AA: Procedure for registration-Trust or institution-Charitable purpose-Registration cannot be denied merely because activities promote entrepreneurship, incubation or economic development; at the registration stage, CIT(E) is required to examine only charitable objects and genuineness of activities-High Court held the tribunal justified in directing grant of registration under section 12AA.[S. 2(15), 12AA(1)(b)(i), 260A] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-65030","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-gUS","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/65030","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=65030"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/65030\/revisions"}],"predecessor-version":[{"id":65031,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/65030\/revisions\/65031"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=65030"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=65030"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=65030"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}