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…

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