In cases where principle of mutuality applicable, registration u/s. 12AA cannot be cancelled simply by relying on first proviso to S. 2(15)

IN THE ITAT MUMBAI Bombay Presidency Golf Club Ltd. V/s. Director of Income-tax (Exemptions) IT Appeal No. 319 (Mum.) of 2012 [Assessment Year 2009-10] MAY 30, 2012 ORDER Amit Shukla, Judicial Member This appeal has been filed by the assessee against the order dated 08-12-2011 passed by the Director of Income Tax (Exemption), Mumbai u/s 12AA(3) cancelling the registration granted u/s 12AA. 2. The assessee is a Club which has been granted registration u/s 12AA with effect from 01-04-2001 on the following objects : 1.  To provide a golf course at or near mazagaon sewri, reclama...