https://www.taxtmi.com/caselaws?id=310940 ITAT Mumbai ruled in favor of the assessee trust claiming exemption under section 11. The AO had treated corpus contributions from Government of India and SIDBI as taxable income under section 2(24)(iia). The revenue argued the trust's activities were akin to mutual association and didn't qualify as charitable under section 2(15). ITAT held that the trust's focused activities for small scale industries and micro enterprises, with benefits limited to credit facilities up to Rs.10 lacs, demonstrated no profit motive. The proviso to section 2(15) excluding regular business activities was inapplicable as the trust existed essentially for charitable purposes while conducting some fee-based activities. en-us Tue, 30 Jul 2019 00:00:00 +0530 Tue, 28 Nov 2023 06:09:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310940 ITAT Mumbai ruled in favor of the assessee trust claiming exemption under section 11. The AO had treated corpus contributions from Government of India and SIDBI as taxable income under section 2(24)(iia). The revenue argued the trust's activities were akin to mutual association and didn't qualify as charitable under section 2(15). ITAT held that the trust's focused activities for small scale industries and micro enterprises, with benefits limited to credit facilities up to Rs.10 lacs, demonstrated no profit motive. The proviso to section 2(15) excluding regular business activities was inapplicable as the trust existed essentially for charitable purposes while conducting some fee-based activities. Case-Laws Income Tax Tue, 30 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310940