https://www.taxtmi.com/caselaws?id=69725 The Appellate Tribunal ITAT Madras-B ruled in favor of the assessee, a Private Ltd. Company operating chit funds, classifying it as a "financial company" under the IT Act, 1961. The Tribunal upheld the assessee's claim, considering its chit fund activities as falling within the definition of a financial company. It concluded that the business of running chit funds constituted providing finance, aligning with the criteria of a financial company under the relevant provision. The Tribunal dismissed the Revenue's appeal and affirmed the assessee's entitlement to exemption as a financial company based on its chit fund operations. en-us Sat, 07 Apr 1979 00:00:00 +0530 Mon, 11 Apr 2011 17:19:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69725 The Appellate Tribunal ITAT Madras-B ruled in favor of the assessee, a Private Ltd. Company operating chit funds, classifying it as a "financial company" under the IT Act, 1961. The Tribunal upheld the assessee's claim, considering its chit fund activities as falling within the definition of a financial company. It concluded that the business of running chit funds constituted providing finance, aligning with the criteria of a financial company under the relevant provision. The Tribunal dismissed the Revenue's appeal and affirmed the assessee's entitlement to exemption as a financial company based on its chit fund operations. Case-Laws Income Tax Sat, 07 Apr 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69725