https://www.taxtmi.com/caselaws?id=456124 ITAT Cuttack held that a society engaged in microfinance activities qualified for exemption under section 11. The assessee obtained bank loans and advanced them to Self Help Groups, generating surplus. Revenue denied deduction claiming commercial operations, but CIT(A) allowed exemption. ITAT upheld CIT(A)'s decision, ruling that microfinance activities constitute "relief to poor" under section 2(15), and commercial methods don't disqualify charitable purposes. Additionally, section 40(a)(ia) provisions regarding TDS on advertisement expenses don't apply to charitable institutions computing income under section 11. en-us Wed, 30 Nov 2016 00:00:00 +0530 Mon, 01 Jul 2024 20:03:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456124 ITAT Cuttack held that a society engaged in microfinance activities qualified for exemption under section 11. The assessee obtained bank loans and advanced them to Self Help Groups, generating surplus. Revenue denied deduction claiming commercial operations, but CIT(A) allowed exemption. ITAT upheld CIT(A)'s decision, ruling that microfinance activities constitute "relief to poor" under section 2(15), and commercial methods don't disqualify charitable purposes. Additionally, section 40(a)(ia) provisions regarding TDS on advertisement expenses don't apply to charitable institutions computing income under section 11. Case-Laws Income Tax Wed, 30 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456124