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1 - 10 of 14 (0.28 seconds)Section 25 in The Companies Act, 1956 [Entire Act]
Section 12A in The Income Tax Act, 1961 [Entire Act]
Section 11 in The Companies Act, 1956 [Entire Act]
The Income Tax Act, 1961
Section 12AA in The Income Tax Act, 1961 [Entire Act]
Section 10 in The Companies Act, 1956 [Entire Act]
Commissioner Of Income-Tax vs Agricultural Produce And Market ... on 28 March, 2007
In the case of CIT vs. Agricultural
Produce and Market Committee (supra), the Hon'ble Bombay High Court -
Nagpur Bench has held that there is no requirement under the Act that an
institution constituted for advancement of any object of general public utility
must be registered as a trust. Therefore, in the present case before us, mere
because the assessee association is registered as company under sec. 25 of
the Companies Act, that by itself cannot be a ground to refuse registration
under sec. 12A/12AA of the Act. Thus, this ground of rejection of
registration by the Commissioner of Income-tax, is also rejected.
Section 13 in The Income Tax Act, 1961 [Entire Act]
The Assistant Commissioner Of Income ... vs Thanthi Trust Etc. Etc on 31 January, 2001
In this respect, a reference may be made to the
decision of Hon'ble Supreme Court in the case of Asstt. CIT vs, Thanthi
Trust (2001) 247 ITR 785 (SC). Thus, mere because there was a surplus
from the activity of micro financing, that by itself, cannot be a ground to say
that the assessee does not exist for charitable purpose particularly when
under the Memorandum of Association and Articles of Association, it has
been clearly provided that the profit shall not be distributed amongst the
members but shall be utilized towards its objects, and in the case of
dissolution, any property remaining after meeting out the liability shall be
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transferred to the association having similar object. Therefore, the rejection
of the registration of trust on this score is also unjustified.