https://www.taxtmi.com/caselaws?id=788859 Microfinance activities carrying commercial elements and interest-bearing lending were treated as business-like rather than charitable for income-tax purposes. Under Section 2(15) of the Income-tax Act, 1961, relief of the poor and advancement of general public utility qualify as charitable purposes, but the proviso excludes trade, commerce or business, or services for consideration once the statutory threshold is crossed. The petitioner did not disclose the lending model, rate of interest, or other operational particulars, and the proposed microfinance was not shown to be free from commercial considerations. On those facts, the Calcutta HC upheld rejection of exemption or registration. en-us Wed, 25 Mar 2026 00:00:00 +0530 Mon, 30 Mar 2026 08:48:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=788859 Microfinance activities carrying commercial elements and interest-bearing lending were treated as business-like rather than charitable for income-tax purposes. Under Section 2(15) of the Income-tax Act, 1961, relief of the poor and advancement of general public utility qualify as charitable purposes, but the proviso excludes trade, commerce or business, or services for consideration once the statutory threshold is crossed. The petitioner did not disclose the lending model, rate of interest, or other operational particulars, and the proposed microfinance was not shown to be free from commercial considerations. On those facts, the Calcutta HC upheld rejection of exemption or registration. Case-Laws Income Tax Wed, 25 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=788859