S. 12AA CIT can cancel registration even after grant – High profit Ratio cannot be ground for rejection

Shanti Devi Educational Trust Vs. CIT (ITAT Delhi) Factor that remains upon which ld. CIT has refused to grant registration is that the percentage of profit of annual receipt for Assessment Year 2009- 10 is 23% and the corpus of the trust in question has increased from Rs. 1.15 crore in financial year 2006- 07 to Rs. 2.24 crore in financial year 2008- 09 and the source of donation is from agriculturists the genuineness of which is in serious doubt. As against these objections of ld. CIT, it is the case of the learned AR that the assessee has submitted all the evidences to substantiate the inc...