ASSISTANT COMMISSIONER OF INCOME TAX(EXEMPTIONS), CIRCLE-2, CHANDIGARH, CR BUILDING, CHANDIGARH vs. HIMACHAL SHIKSHA VIKAS DHARMARTH SANSTHA, VILL. KHALTU, SUBATHU, HP

Whether on the facts and circumstances of the case and in law, the Ld. CIT(A), NFAC has erred in allowing the exemption u/s 11/12 of the Income Tax Act, 1961 to the assessee? II. Whether on the facts and circumstances of the case and in law, the Ld. CIT(A), NFAC has erred in deleting the addition of Rs.1,50,00,000/- made on account of loan received back during the FY 2013-14 relevant to AY 2014-15 as the surplus funds of the trust were given on loan, interest fee and without any security deposit and in violation of section 11(5) of Income Tax Act, 1961? III. Whether on the facts and circumstances of the case and in law, the Ld. CIT(A), NFAC has erred in deleting the addition of Rs.1,53,44,734/- made on account of advance fee received during the FY 2013- 14 relevant to AY 2014-15 as in the case of a trust allowing exemption, all amount received during any financial year have to be taken as receipts of that particular year. IV. Whether on the facts and circumstances of the case and in law, the Ld. CIT(A), NFAC has erred in deleting the addition of Rs.15,00,000/- made on account of funds received in building fund during the FY 2013-14 relevant to AY 2014-15 as in the case of a trust claiming exemption, all amount received during any financial year have to be taken as receipts of that particular year.

As per the order of the CIT(A), brief facts of the case are as under: - 2. The appellant filed its income tax return for the assessment year 2014-15 on 29.09.2014 declaring a nil income after claiming exemption u/s 11 and 12 of the Income Tax Act 1961. The case was selected for scrutiny. The assessee is a charitable society registered with the