https://www.taxtmi.com/caselaws?id=397559 Microfinance lending carried on at a substantial rate of interest and with commercial features was treated as activity in the nature of trade, commerce or business under the proviso to section 2(15), so it did not retain charitable character and exemption under section 11 was unavailable. The activity was held to fall within advancement of any other object of general public utility, but the profit-oriented nature of the lending brought it outside "charitable purpose" for income-tax exemption. The alternative claim under section 11(4A) also failed because the microfinance business was not incidental to the assessee's charitable objects, and the denial of exemption on microfinance income was upheld. en-us Thu, 05 Mar 2020 00:00:00 +0530 Sat, 22 Aug 2020 11:31:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397559 Microfinance lending carried on at a substantial rate of interest and with commercial features was treated as activity in the nature of trade, commerce or business under the proviso to section 2(15), so it did not retain charitable character and exemption under section 11 was unavailable. The activity was held to fall within advancement of any other object of general public utility, but the profit-oriented nature of the lending brought it outside "charitable purpose" for income-tax exemption. The alternative claim under section 11(4A) also failed because the microfinance business was not incidental to the assessee's charitable objects, and the denial of exemption on microfinance income was upheld. Case-Laws Income Tax Thu, 05 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397559