Dismissing the appeal of the revenue the Court held that ; Society registered at the instance of the Reserve Bank of India for the purpose of assisting banks and financial institutions, for the improvement of their performance is held to be charitable in nature . ( AY. 2010-11, 2011-12)
CIT v. Institute of Development and Research in Banking Technology. (2018) 400 ITR 66/ 165 DTR 104 (T & AP) (HC) Editorial: Institute for Development and Research in Banking Technology v. ADIT ( E ) ( 2015) 42 ITR 219 ( Hyd) (Trib) is affirmed
S. 11 : Property held for charitable purposes – Society registered at the instance of the Reserve Bank of India for the purpose of assisting banks and financial institutions, for the improvement of their performance is held to be charitable in nature [ S. 2(15) ,13(8)] .