2014 (8) TMI 380

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.... Rao, DC (AR) PER : Mathew John The applicant is a Trust registered under Section 12AA of the Income Tax Act, 1961. They provide micro finance to self-employed women by organizing them into Self-Help Groups. They take finance from other financial institutions @ 12% and while providing finance to SHGs they charge 15% from such persons. Revenue was of the view that this 3% was towards loan pro....

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....djudication an amount of Rs. 1,73,34,098/- against the applicant along with interest and penalty. Aggrieved by the order, the applicant has preferred the present appeal along with stay petition. 2. Arguing for the applicant, the learned consultant submits that the applicant was not a financial institution or Non Banking Financial Company or a commercial concern but was instead a Trust. Only for....

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....asemam Trust Vs. CCE - 2011 (24) STR 428 and granted unconditional stay. Therefore, he prays for a similar order in this matter also. 3. Opposing the prayer, the learned AR for Revenue submits that the applicant would come within the meaning of "Financial Institution" as defined under RBI Act, 1934. He further submits that the applicant is charging a margin of 3% of loan amount and Revenue is d....