Once the CIT grants approval for registration of the trust u/s 12A, the AO not required to re-examine the the object and purpose of the trust

CIT Vs Saurashtra Kutch Stock Exchange Ltd. (High Court of Gujarat at Ahmedabad ) -Section 11 of the Act envisages exemption of certain income of the trust registered under Section 12A of the Act. This itself may require certain scrutiny and applicability of the exemption at the hands of the Assessing Officer. Despite registration under Section 12A of the Act, it is not even the case of the assessee that without any application of mind, the Assessing Officer must grant exemption of whatever claim put forth by the assessee. It is in this background that the condition would be read and understoo...