2014 (7) TMI 562

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..... ORDER In both the writ petitions, applications moved by the petitioners claiming exemptions under Section 10 (23C) (vi) of the Income Tax Act were rejected on the ground that during the assessment year 2003-2004, immovable property was purchased in the name of G.C. Suyal by using funds of the society, therefore, funds of the Society/Education Institution were illegally diverted for the private an .....

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..... al. Since sale consideration and stamp duty was paid from the funds of the petitioner Society and entire expenses incurred are reflected in the statement maintained by the Society and in view of the statement made by Shri G.C. Suyal that he has not purchased property for his personal use rather it has been purchased for the Society for the establishment of new school of the Society, therefore, it .....

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