Micro Finance Activity cannot be treated as charitable for Section 11 Exemption

Shalom Charitable Ministries of India Vs ACIT (ITAT Cochin) The claim of exemption u/s 11 of the I.T.Act was denied by the Tribunal in assessee’s own case for assessment year 2007-2008 and 2009-2010 (supra). The Tribunal in the above case had held that the assessee’s activities of micro finance was not charitable in nature and was not entitled to the claim of benefit u/s 11 of the I.T.Act. FULL TEXT OF THE ITAT JUDGEMENT These appeals at the instance of the assessee are directed against two orders of the CIT(A), both dated 09.08.2019. The relevant assessment years are 2010-2011 and 2011-20...