M/S SANT BABA BHAG SINGH MEMORIAL CHARITABLE SOCIETY,JALANDHAR vs. D.C.I.T, CIRCLE - 1 (EXEMPTION), CHANDIGARH

In the result, the assessee’s appeal is partly allowed

Bench: Sh. Sanjay Arora & Sh. N. K. Choudhryi.T.A. No. 432/(Asr)/2017 Assessment Year: 2014-15

capital outlay. During the current year itself, it purchased fixed assets at Rs.471.77 lacs and repaid borrowings, meeting thus its’ contractual obligation/s in this regard, to the extent of Rs.180.97 lacs, i.e., at a total of Rs.652.74 lacs, which far exceeds the revenue (net income) generated at Rs.228.94 lacs during the year, i.e., even assuming the entire

M/S STEP BY STEP JUNIOR SCHOOL SOCIETY,AMRITSAR. vs. COMMISSIONER OF INCOME TAX (EXEMPTION), CHANDIGARH

Bench: : Shri Laliet Kumar & Dr. Mitha Lal Meena

short coming in the Society's By-laws could be easily corrected to the satisfaction of the law. 5. That the Ld. CIT (Exemptions) has grossly erred by refusing the application, as such the order of Ld. CIT (Exemptions) is liable to be cancelled/annulled. 6. That all the facts, material and evidence furnished before the worthy CIT (Exemptions) have been