https://www.taxtmi.com/caselaws?id=330229 The Tribunal concluded that the assessee's microfinance activities did not qualify as charitable under Section 2(15) of the Income Tax Act due to their commercial nature. As a result, the income from these activities was deemed taxable as business income, making the assessee ineligible for exemption under Section 11. Additionally, the Tribunal addressed issues such as the disallowance of bad debts, the treatment of transformation consideration as capital gains, the non-allowability of depreciation on certain assets, and the examination of corpus donations for potential tax liability. en-us Thu, 30 Jun 2016 00:00:00 +0530 Wed, 20 Jul 2016 13:29:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330229 The Tribunal concluded that the assessee's microfinance activities did not qualify as charitable under Section 2(15) of the Income Tax Act due to their commercial nature. As a result, the income from these activities was deemed taxable as business income, making the assessee ineligible for exemption under Section 11. Additionally, the Tribunal addressed issues such as the disallowance of bad debts, the treatment of transformation consideration as capital gains, the non-allowability of depreciation on certain assets, and the examination of corpus donations for potential tax liability. Case-Laws Income Tax Thu, 30 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330229