BHARATI SAPRU,J. - (1.) Heard Sri Krishna Agrawal, learned counsel for the appellant and Sri M.M. Rai, learned counsel for the respondent.
(2.) This income tax appeal filed under Section 260-A of the Income Tax Act, 1961 (hereinafter referred to as the Act) against the order dated 26.07.2013 passed by the Income Tax Appellate Tribunal, Agra Bench, Agra (hereinafter referred to as the Tribunal). It was admitted on the following questions of law: "A. Whether the ITAT erred in law in granting registration and exemption u/s 12-AA and 80-G(5) even after the assessee has not spent 85% of its income and furthermore has produced unreliable balance sheet and two separate list of donors which remained un-reconciled and no evidence regarding any charitable activity under taken. B. Whether the ITAT erred in law in restricting the powers of the CIT as provided u/s 12-AA stepped beyond its jurisdiction as the legislative powers of investigation provided by the legislature cannot be curtailed by judgments."
(3.) The assessee had made an application for registration under Section 12A of the Act on 17.07.2012. It was rejected by the Commissioner vide his order dated 15.01.2013 on various grounds being all concerned with non submission of audit report; alleged discrepancies in donors list; discrepancies noticed in the balance sheet; alleged deficiencies in documentary evidence pertaining to purchase of land; utilisation of funds; etc.;