Held that as per the report of the Reserve Bank of India the interest charged by the assessee was very high. The activity being commercial in nature the proviso to section 2(15) is not available to the assessee (AY.2016-17, 2018-19)
Sanghamitra Rural Financial Services v. ACIT (E) (2024)116 ITR 539 (Bang)(Trib)
S. 11 : Property held for charitable purposes-Objective of providing low-interest loans to downtrodden individuals-Interest charged over and above bank interest-Huge profit-Micro-Finance Activity-Business activity-Not entitle to exemption.[S. 2(15) 11(4A) 12