MAHARAJA AGARSAIN EDUCATION SOCIETY,HISSAR vs. CIT(EXEMPTION), CHANDIGARH

ORDER

Per Dr. B. R. R. Kumar, Accountant Member:

1 That the Id. Commissioner of Income Tax (Exemptions) has erred in law and facts of the case in denying the exemption u/s 80G(5)(vi) of the Income Tax Act, 1961 while considering source of funds rather than appreciating the fact that the application of funds towards objects of the Trust which are Charitable in nature" is required to be considered in order to decide the genuineness of the activities of the Trust while granting exemption u/s 80G of the Act to the assessee and as such, the exemption may please be granted.

2. That the ld. Commissioner of Income Tax (Exemptions) has erred in law and facts of the case without appreciating that the assessee is a registered trust u/s 12AA of the Income Tax Act, 1961 and covered by the provisions of Section 2(15) of the Maharaja Agarsain Education Society Act. Also, the assessee has fulfilled the conditions for exemption u/s 80G(5)(vi) of the Act. As such, the exemption may please be granted.”