Housing Credit to Poor after Borrowings from Financial Institutions is a lending Activity & not a charitable activity

Dhan Housing and Habitat Development of Poor for Empowerment Confederation Vs CIT (Exemption) (ITAT Chennai) Assessee is facilitating the poor people to access to housing credit, which otherwise would not be available to them due to mortgage requirements etc. In the process, the assessee is obtaining loans from financial institutions @11.5% which is thereafter advanced at 13%, leaving margin of 1.5% in the hands of the assessee. It is admitted position that the donations received by the assessee are almost negligible and the main source of funding is loan obtained from financial institutions. ...