ITAT Delhi Rules Activity of giving micro-finance and earning interest is “charitable purpose”

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH `B’: NEW DELHI I.T. A. No. 1374/Del/2010 Disha India Micro Credit Vs. Commissioner of Income-tax, O R D E R PER C.L. SETHI, JUDICIAL MEMBER: The assessee company is in appeal against the order dated 28.01.2010 passed by the learned Commissioner of Income-tax, Muzaffarnagar under section 12AA of the Income-tax Act, 1961 (the Act), refusing registration to the assessee under sec. 12A of the Act. 2. The assessee company namely, M/s. Disha India Micro Credit, is a company registered under sec. 25 of the Companies Act, 1956. It has...