2016 (12) TMI 1920

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....RI.K.M.V.PANDALAI, INCOME TAX DEPARTMENT FOR THE RESPONDENT : NONE JUDGMENT Antony Dominic, J. 1. This appeal is filed by the Revenue impugning the order passed by the Income Tax Appellate Tribunal, Cochin Bench in I.T.A.No.329/14 pertaining to the assessment year 2011-2012. The assessee is a charitable trust advancing loans to poor women folk. The Assessing Officer took the view that such....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he ITAT held that the microfinance business carried on by the respondent is one coming within the ambit of 'any other object of general public utility', the 4th limb in the definition of charitable purpose in Section 2(15)? (iii) has not the ITAT erred in its finding that micro finance activity is not money lending as commercially understood especially when loans are made available to e....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ure of trade, commerce or business, or any activity of rendering any service in relation to any trade, commerce or business, for a cess or fee or any other consideration, irrespective of the nature of use or application, or retention, of the income from such activity: Provided further that the first proviso shall not apply if the aggregate value of the receipts from the activities referred to t....