80G Approval Allowed as No Profit Motive Found in Micro-Credit Activities: ITAT Chennai

Blaze Trust Vs CIT (ITAT Chennai) The Income Tax Appellate Tribunal (ITAT), Chennai, adjudicated an appeal filed by the assessee against the order of the Commissioner of Income Tax (Exemption), Chennai, dated 29.08.2024, rejecting approval under Section 80G of the Income Tax Act, 1961. The appeal was filed with a delay of 118 days; however, upon consideration of the affidavit explaining the delay, the Tribunal condoned it and proceeded to examine the case on merits. The assessee is a public charitable trust incorporated on 25.09.2003. It had applied for registration under Section 80G(5)(iii) t...