I would like to know about your expert opinion on the following matter.
1. A trust was registered on 1993 and it has hold land and building through contribution to corpus fund by the then trustees. 2. It has no income(donation) exceeding maximum amount not chargeable to tax up to 2011. 3. During 2011-12 it has obtained Rs.325000 donation and net consideration on transfer of land Rs.700,000/-. 4. It has not applied for registration up to 31.03.2012 5. Whether the commissioner can condone the delay in filing application u/s 12AA for financial year 2011-12 , if the same is filed in may or june 2012? 6. If not, whether this income will be charged to tax including capital gain in AY 2012-13 ? 7.Whether CBDT have power u/s 119(2)(b) to condone the delay. 8. If not so, suggest any other way to obtain the exemption. 9. The trust is genuine and main object is for religious and charitable purpose like education, relief to poor and irrevocable.
I expect any of the learned expert will give an opinion.
27 May 2012
On the basis of reasonable cause, the CIT can condone the delay and grant registration. If he refuses then the better option is to approach to ITAT and get the justice.
CAclubindia
