https://www.taxtmi.com/caselaws?id=396576 ITAT MUMBAI allowed the appeal and held the assessee entitled to exemption under s.11/12. The Tribunal found the assessee's dominant purpose charitable-operating a nationally-authorized, RBI-regulated payment settlement infrastructure to benefit the public-despite charging nominal fees to meet costs. Registration under s.12AA granted after the proviso to s.2(15) remained valid. No breach of s.13(1)(c)(ii) was found as services and fees were uniformly applied and promoters were only shareholders, not contributors. Delay in pronouncing the order beyond 90 days was excused by COVID-19 lockdown days being excluded. en-us Mon, 06 Jul 2020 00:00:00 +0530 Mon, 03 Nov 2025 16:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396576 ITAT MUMBAI allowed the appeal and held the assessee entitled to exemption under s.11/12. The Tribunal found the assessee's dominant purpose charitable-operating a nationally-authorized, RBI-regulated payment settlement infrastructure to benefit the public-despite charging nominal fees to meet costs. Registration under s.12AA granted after the proviso to s.2(15) remained valid. No breach of s.13(1)(c)(ii) was found as services and fees were uniformly applied and promoters were only shareholders, not contributors. Delay in pronouncing the order beyond 90 days was excused by COVID-19 lockdown days being excluded. Case-Laws Income Tax Mon, 06 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396576