Entity Which Misuses Status Under Section 12AA Income Tax Act Not Entitled To Retain It: Supreme Court Upholds Cancellation Of Trust Registration

An entity which is misusing the status conferred upon it by Section 12AA of the Income Tax Act is not entitled to retain and enjoy said status, the Supreme Court observed while upholding the cancellation of a registration of Trust. Section 12AA of the Income Tax Act deals with the procedure for the registration of a charitable trust, which is entitled to tax benefits.In this case, Commissioner...