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The ITAT allowed the appeal and set aside the order denying...
Appeal allowed, exemption under section 11 restored for not-for-profit company under section 12A carrying out charitable activities including micro-finance
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The ITAT allowed the appeal and set aside the order denying exemption under section 11, holding that the appellant-an entity registered as a not-for-profit under the Companies Act and under section 12A-carried out charitable activities including education, relief of poor, medical relief, environment and micro-finance. The Tribunal found the micro-finance receipts, though exceeding 20% of total receipts and comprising commission, processing fees and interest, to form part of the charitable objects and to have been historically treated as charitable receipts; it concluded that the Assessing Officer and CIT(A) erred, resulting in a miscarriage of justice, and directed restoration of exemption entitlement accordingly.
The ITAT allowed the appeal and set aside the order denying exemption under section 11, holding that the appellant-an entity registered as a not-for-profit under the Companies Act and under section 12A-carried out charitable activities including education, relief of poor, medical relief, environment and micro-finance. The Tribunal found the micro-finance receipts, though exceeding 20% of total receipts and comprising commission, processing fees and interest, to form part of the charitable objects and to have been historically treated as charitable receipts; it concluded that the Assessing Officer and CIT(A) erred, resulting in a miscarriage of justice, and directed restoration of exemption entitlement accordingly.
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