Mere receipt in excess of limit in proviso to section 2(15) would not result in cancellation of registration U/s. 12AA

M/s Mumbai Port Trust Vs DIT (Exemption) (ITAT Mumbai) Under the scheme of the Act for cancelling registration is clear. The status of registration under section 12AA will not be affected as recognized under sub-section (8) of section 13, on the availability of receipts in excess of prescribed limit. The assessee will be disentitled for exemption under section 11, if the income of the assessee from the activities is hit by the proviso to section 2(15) in any Assessment Year. We are of the view that the cancellation of registration under section 12AA of the Act, can only take place, when the ac...