- (1.) Through the present petition, the petitioner seeks quashing of order dated 03.03.2015 passed by the Chief Commissioner of Income Tax, Amritsar (for short the Chief Commissioner), through which, its application for grant of exemption made under Section 10 (23C) of the Income Tax Act, 1961 (for short the Act) has been rejected.
(2.) The petitioner Trust is stated to have been constituted with the purpose of facilitating the Charitable, Social, Cultural, Educational, Vocational and Economic Development of the Society. It was registered on 16.08.2007 under the provisions of Societies Registration Act, 1860. Since in the Financial Year 2013-14 (Assessment Year 2014-15), its receipts exceeded Rs. 1 crore, through an application dated 25.03.2014, it applied to the Chief Commissioner seeking exemption under Section 10(23C)(vi) of the Act. As required, Form No. 56-D, prescribed under Rule 2CA of the Income Tax Rules, 1962 (for short the Rules), was also filed.
(3.) In pursuance to the said application, through letter dated 16.04.2014, the respondent-Department sought from the petitioner certain information including its accounts for the year ending 31.03.2014, objects of the petitioner and returns of income filed earlier. The required information along with Audit Reports including the Balance Sheets, Profit and Loss Accounts, Student Activity Fund, Student Development Fund, Fixed Assets, Capital Accounts, Income and Expenditure Accounts, particulars with regard to cash in the Bank, Secured and Unsecured Loans etc., for the year ending 31.03.2014, were supplied.;