The Oxford Dictionaries site says: “Its… A common error in writing is to confuse the possessive its (as in turn the camera on its side; ) with the contraction it’s (short for either it is or it has, as in it’s my fault; ; it’s been a hot day; ). The confusion is at least partly understandable since other possessive forms (singular nouns) do take an apostrophe + -s, as in the girl’s bike; ; the President’s smile”

The Apostrophe Protection Society says: “please note that its, which is usually used as a possessive adjective (like our, his etc), does not take an apostrophe”

Encyclopedia.com says: “Possessive determiners never take apostrophes: its is the determiner, while it’s is short for it is or it has”.

English Plus says: “Incorrect: The mother cat carried it’s kitten in it’s mouth. (Possessive pronoun, no apostrophe)”.

Strunk’s “The Elements of Style” (1918) says: “The pronominal possessives hers, its, theirs, yours, and oneself have no apostrophe”.

Wikipedia has a page on this subject: “its” (and see the page “possessive pronoun”).

However, there is more to this issue…

Word Detective says “Strictly speaking, in modern usage the possessive form of the pronoun “it” is, as you note, “its.” The formation “it’s” is a contraction, standing for “it is” (or “it has”). Thus we might say “It’s (it is) a nice day for sailing, but my boat has lost its (the boat’s) rudder.” The difference between the two forms is clear, but evidently curiously difficult for many people to remember.
At the risk of giving aid and comfort to the “ungrammarians” among us, however, I must note that the difference between “it’s” and “its” was not always so definite. Until the 19th century, in fact, “it’s” was usually considered the possessive of “it” — in the Fall, a tree shed “it’s” leaves. The usual contraction of “it is” was “’tis.” Only when “’tis” came to be regarded as an archaic form in the 19th century did the use of “it’s” as a contraction of “it is” push out the use of “it’s” as a possessive. I know this is a bit hard to follow, but the point is that the “rule” used to be the exact opposite of what it is today.”

To sum it up: Using “it’s” in a possessive sense is incorrect by terms of modern usage; however, it could be argued that it is technically correct by terms of archaic usage. It has been decided that Destiny magazine shall apply the modern usage of “its” when it is used in a possessive sense.