https://www.taxtmi.com/caselaws?id=763897 The ITAT Mumbai held that a trust providing credit guarantees to small-scale industries qualified for exemption under section 11, as its activities supported development of first-generation entrepreneurs and did not contravene section 2(15). The tribunal allowed the trust's provision for guarantee claims as allowable expenses, noting these provisions were created under conservatism principles for mercantile accounting. The trust's guarantee arrangements with lending institutions for SSI loans without collateral security were deemed legitimate charitable activities. The appeal order was set aside and the assessee's grounds were allowed. en-us Wed, 04 Dec 2024 00:00:00 +0530 Mon, 30 Dec 2024 10:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763897 The ITAT Mumbai held that a trust providing credit guarantees to small-scale industries qualified for exemption under section 11, as its activities supported development of first-generation entrepreneurs and did not contravene section 2(15). The tribunal allowed the trust's provision for guarantee claims as allowable expenses, noting these provisions were created under conservatism principles for mercantile accounting. The trust's guarantee arrangements with lending institutions for SSI loans without collateral security were deemed legitimate charitable activities. The appeal order was set aside and the assessee's grounds were allowed. Case-Laws Income Tax Wed, 04 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763897