Held that the assessee was engaged in providing a platform for conducting transactions of member banks and was charging only nominal fees to recover the cost of infrastructure and operations, and the Assessing Officer, after making specific inquiries, allowed exemption under section 11. Revision order for alleging violation of proviso to section 2(15) was quashed and set aside. (AY. 2020-21)
National Payments Corporation of India. v. CIT (E) (2025) 215 ITD 350 (Mum) (Trib.)
S. 263: Commissioner-Revision of orders prejudicial to revenue-Charitable purpose-Objects of general public utility-Providing a platform for conducting transactions of member banks-Charging only nominal fees to recover cost of infrastructure and operations-Assessing Officer, after making specific inquiries, allowed exemption under section 11-Revision order was quashed and set aside.[S. 2(15), 11, 12, Companies Act, 1956, S. 25]
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