Application U/s. 80G(5) cannot be rejected for sufficiency of funds with an institution

Raghu Nath Rai Memorial Educational & Charitable Trust Vs CIT(E) (ITAT Chandigarh) We do not find the rejection of application for grant of approval u/s 80G in the present case by the Ld.CIT(E), solely for the reason that the assessee society has sufficient disposable funds available with it and no reason was given for seeking funds by way of donation, as appropriate. The provisions of section 80G(5) of the Act as reproduced above are very clear, setting out conditions which are to be complied with for the purpose of being eligible for approval u/s 80G of the Act. The sufficiency of funds...