Repayment of debt, incurred by trust, for construction of building is application of income

DCIT Vs Ram Asra Goyal Education & Research Society (ITAT Chandigarh) Facts- The assessee society was registered under the Societies Registration Act and also registered u/s. 12AA of the Income-tax Act, 1961. The assessee filed its ROI on 03-09-2014 declaring Nil income. Later on, the case was selected for scrutiny. During the course of assessment proceedings, the Assessing Officer (AO) issued the notice to the assessee to show cause as to why the donation was paid to M/s. Ashoka Educational Trust may not be disallowed. The AO after considering the above submissions of the assessee observe...