SHREE SWATEMBER MURTIPUJAK JAIN TAPGACHH SANGH TIKER,MUMBAI vs. CIT(EXEMPTIONS),MUMBAI, MUMBAI

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ITA 5878/MUM/2024Status: DisposedITAT Mumbai13 January 2025AY 2024-2025Bench: SUNIL KUMAR SINGH, HON'BLE JUDICIAL MEMBER I.T.A. No. 5878/Mum/2024 Assessment Years: 2024-25 Shree Swatember Murtipujak Jain Tapgachh Sangh Tiker B-19 Deora Building Rani Sati Marg Malad East Mumbai - 400097 [PAN: AAMTS4143A] अपीलार्थी/ (Appellant) Vs CIT(Exemptions), Mumbai प्रत्यर्थी/ (Respondent) Assessee by : Shri Bhupendra Shah, A/R Revenue by : Shri Dr. Kishor Dhule, CIT D/R सुनवाई की तारीख/Date of Hearing : 09/01/2025 घोषणा की तारीख /Date of Pronouncement: 13/01/2025 आदेश/ORDER PER 1 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal noted the assessee's undertaking to amend the impugned objective in the trust-deed. Consequently, the matter was remitted to the CIT(E) for fresh consideration upon amendment of the objects.

What were the facts?

The assessee's appeal was against the order of the CIT(E) denying registration under Section 12AB of the Act. The denial was based on a clause in the trust-deed interpreted by the CIT(E) as intending to utilize funds outside India.

What were the issues?

Whether the CIT(E) was justified in denying registration under Section 12AB based on the interpretation of a clause in the trust-deed, and if an undertaking to amend the trust deed would warrant remission.

Which sections of the Income-tax Act were involved?

Section 12AB

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “G” BENCH, MUMBAI

Before: SUNIL KUMAR SINGH, HON’BLE

For Appellant: Shri Bhupendra Shah, A/R
Hearing: 09/01/2025Pronounced: 13/01/2025

O R D E R

PER NARENDRA KUMAR BILLAIYA, AM:

1.

This appeal by the assessee is preferred against the order of the ld. CIT (Exemptions)- Mumbai [hereinafter ‘the ld. CIT(E)’] dated 26/09/2024 by which the ld. CIT(A) has denied registration u/s 12AB of the Act.

2.

Having heard the submissions made by the ld. Counsel for the assessee, we have carefully perused the order of the ld. CIT(E). The bone of contention is the clause in the trust-deed which reads “to do all such other things as are incidental or conducive to the attainment of the above objects or any of them.” which according to the ld. CIT(E) meant to utilize funds outside India. The ld. CIT(E) formed the belief that the assessee intends to utilize funds outside India and, therefore, denied registration.

I.T.A. No. 5253/Mum/2024 2

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