Trade or Business Related Services Ineligible for charitable Purposes: ITAT denies Registration u/s 2(15) of Income Tax Act [Read Order]
When Assessee carried on micro finance activity in the commercial line, then it was not charitable activity but activity to expand finance business by contracting weaker sections of the public and it did not involve any charitable activity, ITAT denied under Section 2(15) of Income Tax Act
The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has denied eligibility for charitable purposes under Section 2(15) of the Income Tax Act, 1961, to services related to trade or business. The Assessee was a trust registered under Section 12A of the Income Tax Act, vide certificate issued by the Commissioner of Income Tax,…
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