Indian Kanoon - Search engine for Indian Law

"4. Applicant's reply is neither satisfactory nor conclusive. In its reply, the applicant states that The objects referred in the notice from pt. no 3 (B) are from the objects or ancillary to the attainment of the main objects for which company is established. This contention does not make much difference to the fact that the objects are in violation of section 11 of the Act because as per the MOA these objects are categorised as "Objects incidental or ancillary to the attainment of the main objects for which the Company is established (i.e. Main object)". Thus, even though these are not main objects, these are very much integral to attainment of main objects of the MOA. Such objects leave room for any potential future endeavour may be undertaken by the assessee trust which would require expenditure outside India. Further, in point no. 4 of the MOA, the applicant clearly expresses that the objects of the Company are extended to the whole of India and abroad. This point removes all the doubts and confirms that all the objects are extendable to TIH Foundation for IOT AND IOE anywhere in the world which will automatically result in expenditure outside India. The applicant trust ought to have amended the clauses of the objects mentioned above which are in violation of the Act as discussed above, however, the applicant has not considered it. The assessee has not presented/submitted any documentary evidence/proof of passing the resolution regarding amendment in trust deed nor has it provided any proof that it has initiated the process for amendment in trust deed/MoA before the competent authority.