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× Latest Case Laws on Income Tax by various Income Tax Appellate Tribunals in India

These are the latest case laws decided by various Income Tax Appellate Tribunals (ITAT) of India on Income Tax which have been published recently. The case laws are open for discussion and we invite expert comments from our members on its applicability and effect on relevant issues.

03-09-2019, ICAI Registered Valuers, Section 12A, 12AA, Tribunal Delhi

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1 week 4 days ago #10688 by amit
Section - 12A, 12AA, 25
Order Date - 03-09-2019
Favouring - Assessee
Court - Tribunal Delhi
Appellant - ICAI Registered Valuers Organisation
Respondent - CIT
Justice - BHAVNESH SAINI JM & O.P. KANT AM
Citation - 919Taxpundit19
Appeal No. - ITA.No.8158/Del./2018
Asstt. Year -

Order

PER : BHAVNESH SAINI, J.M.

This appeal by assessee has been directed against the Order of Ld. CIT(E), New Delhi, Dated 30th November, 2018 rejecting the application for registration under section 12A of the Income Tax Act 1961.

2. The facts of the case that assessee filed application in Prescribed Form for registration under section 12AA of the Income Tax Act, 1961. The Ld. CIT(E)s issued questionnaire requesting the assessee to submit to certain documents in support of the application. The assessee filed submissions from time to time. The Ld. CIT(E) on perusal of the objects of the assessee-company observed that its aims are as under :

(a) “To carry out the functions of the Registered Valuers Organization under the Companies Act 2013 read with Companies (Registered Valuers and Valuation) Rule 2017 and functions connected therewith and incidental thereto.

(b) To enroll the Registered Valuers and to educate and train them for carrying out effective valuations.

(c)To employ fair, reasonable, just and nondiscriminatory practices for the enrolment and regulation of its members.

(d) To develop the profession of registered valuers.

(e) To promote continuous professional development of valuation professionals.”

2.1. The Ld. CIT(E) on perusal of the same noted that assessee-company simply formed to promote the quality of the registered valuers which is not charitable work. Hence, objects of the assessee-company not found to be charitable in nature. It was also noticed that assessee has not been able to establish genuineness of the activity. Therefore, application under section 12AA was rejected.

3. Learned Counsel for the Assessee reiterated the submissions made before the Ld. CIT(E) and submitted that assessee is a company registered under section 25 of the Companies Act, 2013. It was incorporated to enroll the registered valuers and to educate and train them for carrying-out effective valuations as one of its main objectives. The assessee-company filed documentary evidences in support of the application which are copy of the Memorandum and Articles of Association, Copy of Certificate of Incorporation, Copy of license under section 8(1) of the Companies Act, 2013, Copy of the Rent Agreement, Copy of Annual Accounts ending 31st March, 2018, List of Promoter-Directors and Independent Directors and Copy of the Bank Statements. The assessee also filed another reply along with it filed copy proof of Seminars and Training Sessions conducted by assessee-company for training of the registered valuers. He has submitted that object clause of the assessee-company emphasizes to propagate and disseminate knowledge amongst its Members by holding Seminars, Conferences and Workshops etc. The fruits of such seminars and conferences etc., would be available to the public at large, thus, the organization is not for the benefit of small group of individuals, but, for the general public at large without any profit motive. He has submitted that it is well settled Law that to serve charitable purposes, it is not necessary that the object should be to benefit the whole of the mankind or all persons in the Country or State, even if a section of the public is given

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