Application U/s. 12AA cannot be rejected merely on account of extraordinary powers with managing trustee

ACE Vision Educational Vs CIT (Exemption) (ITAT Chandigarh) 

A perusal of clarification given by CBDT vide  Circular No. 14/2016 reveals that there is no bar under the Act for denial of exemption merely on account of extraordinary powers of the managing trustee to app

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