Registration u/s 12AA cannot be denied on town Planning Activities continuing from earlier years

Brief Facts of the Case The assessee was granted registration u/s 12AA of the Income Tax Act, 1961 w.e.f 1/4/2003. The A.O examined the eligibility of the assessee for exemption as per section 11 of the income tax Act, 1961. The A.O observed that income of the assessee does not fall u/s 11(1) (a) (b) or (C). It has been further observed by the A.O that the provisions of the Section 11 (1) (d) and 12(1) are also not applicable to the income shown by the assessee. The A.O has also observed that during the year under consideration the activities of the assessee were not found to be in conformity ...