Sec. 12AA application couldn't be rejected merely on ground that all trustees were non-residents

IT: Where Commissioner rejected assessee's application under section 12AA on ground that all initial trustees had taken citizenship of foreign country and thus there was violation of provisions of section 73 of Indian Trust Act, 1882, in view of fact that section 73 of 1882 Act per se cannot invalidate a trust, but rather provides bar for appointment of non-resident as a trustee, impugned order passed by Commissioner was to be set aside

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