https://www.taxtmi.com/caselaws?id=456140 ITAT Cuttack dismissed revenue's appeal against society registered u/s 12A claiming exemption u/s 11 for surplus from micro financing activities. Tribunal held that micro financing to Self Help Groups constitutes "relief to poor" under section 2(15), making surplus eligible for charitable exemption despite commercial nature. CIT(A)'s decision allowing deduction was upheld, following consistent precedents in assessee's earlier years. Revenue failed to demonstrate provision for loan loss was not bonafide, confirming CIT(A)'s allowance of the provision. en-us Wed, 18 Jan 2017 00:00:00 +0530 Tue, 02 Jul 2024 19:57:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456140 ITAT Cuttack dismissed revenue's appeal against society registered u/s 12A claiming exemption u/s 11 for surplus from micro financing activities. Tribunal held that micro financing to Self Help Groups constitutes "relief to poor" under section 2(15), making surplus eligible for charitable exemption despite commercial nature. CIT(A)'s decision allowing deduction was upheld, following consistent precedents in assessee's earlier years. Revenue failed to demonstrate provision for loan loss was not bonafide, confirming CIT(A)'s allowance of the provision. Case-Laws Income Tax Wed, 18 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456140