Levying/collecting fees for guarantee from MLIs not profit motive: ITAT allows benefit of section 11 & 12 of Income Tax Act [Read Order]

ITAT Mumbai - Member Lending Institutions - Collection of fees - Levy fees for guarantee - Taxation on guarantee fees - Income Tax - taxscan

The Income Tax Appellate Tribunal ( ITAT ), Mumbai bench while allowing benefit of section 11 and 12 of the Income Tax Act, 1961 held that levying/collecting fees for guarantee from Member Lending Institutions ( MLIs ) are not profit motive. The assessee, Credit Guarantee Fund Trust For Micro And Small Enterprises, is a irrevocable trust…

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?
  • Enjoy our website without interruptions from advertisements
  • Receive Daily newsletters
  • Receive realtime Telegram/Whatsapp news updates
  • Download original Judgements / Order / Notifications / Circulars, etc
  • Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)
  ₹1599 + GST for 1 year

Subscribe Now