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

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)

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