https://www.taxtmi.com/caselaws?id=352949 The Tribunal ruled in favor of the assessee, a charitable society, in a tax dispute. It upheld the society's exemption claim under Section 11 of the Income Tax Act, considering its microfinance activities as charitable. The Tribunal also overturned the cancellation of the society's registration under Section 12AA(3), emphasizing that the microfinance activities were indeed charitable. However, it acknowledged a violation of Section 13(1)(c) due to funds advanced to the Secretary but directed a limited disallowance. The Tribunal clarified that registration under Section 25 of the Companies Act was not mandatory for eligibility under Section 12AA. The assessee's appeal was partially successful. en-us Wed, 20 Dec 2017 00:00:00 +0530 Mon, 25 Dec 2017 09:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352949 The Tribunal ruled in favor of the assessee, a charitable society, in a tax dispute. It upheld the society's exemption claim under Section 11 of the Income Tax Act, considering its microfinance activities as charitable. The Tribunal also overturned the cancellation of the society's registration under Section 12AA(3), emphasizing that the microfinance activities were indeed charitable. However, it acknowledged a violation of Section 13(1)(c) due to funds advanced to the Secretary but directed a limited disallowance. The Tribunal clarified that registration under Section 25 of the Companies Act was not mandatory for eligibility under Section 12AA. The assessee's appeal was partially successful. Case-Laws Income Tax Wed, 20 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352949