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3.3. The ld. A.R. submitted that the assessee trust was constituted under the Deed of declaration of Trust dated 13/11/1991 with the charitable object of imparting education. Soon after formation of the trust, the assessee has been granted registration u /s 12A of the Act, vide No. Accts-718/10A/VOL.BII/1-53-92/ClT-III dated 04/06/1992 with effect from the date of formation of the trust by the learned Commissioner of Income-tax, Karnataka III, Bangalore.

This registration was granted under the applicable provisions of section 12A of the Act at that time, which is before-the insertion of section 12AA of the Act, with effect from 01 /04/1997. Thereafter, and by virtue of the amendment made by insertion of section 12AB requiring fresh registration with effect from 01/04/2021, the assessee trust, applied for and was granted recognition u/s 12AB by the learned CIT, CPC on 23/09/2021 for the assessment years 2022-23 to 2026-27. Thus, the assessee trust was registered u/s. 12A of the Act upto and inclusive of the assessment years 2021-22 and thereafter, the assessee trust had secured the registration u/s. 12AB of the Act for the assessment years 2022-23 to 2026-27.

5. Facts of the issue are that the assessee trust was constituted under the Deed of declaration of Trust dated 13/11/1991 with the charitable object of imparting education. The assessee trust had established the "Yenepoya Dental College" in the year 1991, the "Yenepoya Institute of Nursing Sciences" in the year 1992, the M/s. Islamic Academy of Education, Mangalore "Yenepoya Medical College" in the year 1998 and the "Yenepoya Physiotherapy College" in the year 2003. In the year 2007, the assessee trust decided to sponsor the formation of a new trust with the sole purpose of creating a Deemed-to-be University. It is submitted that the Ministry of Human Resource Development, Union of India, on the recommendation of the University Grants Commission granted recognition to Yenepoya University Trust, a Deemed-to-be University status under section 3A of the UGC Act 1956 in the year 2008. Upon formation of the new trust, the "Yenepoya Dental College" was brought under the ambit of the "Yenepoya Deemed-to-be University" in terms of the Gazette Notification dated 27/02/2008.Thereafter, in terms of the Gazette Notification dated 09/02/2009, the Central Government on the advice of the University Grants Commission recommended for bringing the following educational institutions under the ambit of the "Yenepoya Deemed to be University" from the academic year 2009-10 and thereafter:-

iv Forward a copy of the order under clause (ii) or clause (iii), as the case may be, to the Assessing officer and such trust or institution. Explanation - For the purposes of this sub-section, the following shall mean "specified violation",--

a) Where any income derived from property held under trust, wholly or in part for charitable or religious purposes, has been applied, other than for the objects of the trust or institution; or

b) The trust or institution has income from profits and gains of business which is not incidental to the attainment of its objectives or separate books of account are not maintained by such trust or institution in respect of the business which is incidental to the attainment of its objectives; or

Explanation: For the purposes of this sub-section, the following shall mean "specified violation",--

a) Where any income derived from property held under trust, wholly or in part for charitable or religious purposes, has been applied, other than for the objects of the trust or institution; or

b) The trust or institution has income from profits and gains of business which is not incidental to the attainment of its objectives or separate books of account are not maintained by such trust or institution in respect of the business which is incidental to the attainment of its objectives; or