Even if trust receipt exceed Rs.10 lakh AO can deny exemption but cannot cancel its registration

IN THE ITAT CHENNAI BENCH ‘B’ Madras Motor Sports Club Versus Director of Income-tax (Exemptions) I T APPEAL NO. 777 (MDS.) OF 2012 [ASSESSMENT YEAR 2009-10] DECEMBER 21, 2012 ORDER Abraham P. George, Accountant Member  In this appeal filed by the assessee, its grievance is that DIT(E) cancelled the registration granted to it under Section 12A(a) of Income-tax Act, 1961 (in short ‘the Act’). 2. Facts apropos are that assessee motor sports club, registered as a society, was also having registration under Section 12A(a) of the Act since 1977, with Regis...