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 appoint or remove other trustees and also to nominate their successor and that itself can be a ground for denying exemption unless the nature of activities of the trust or institution get change or modified or no longer remain to exist. It is an admitted fact that the assessee trust is running school which falls within the purvie...