Sec. 11 deduction on fees for Providing Assistance to Banks & Financial Institutions

Principal CIT (Exemptions) Vs. Institute for Development and Research in Banking Technology (Andhra Pradesh High Court) Held by ITAT The circumstances under which the services rendered by the appellant society to the Banks make clear that there is no profit motive in such activities because these activities were entrusted to the appellant society by the Reserve Bank of India as a part of its supervisory role over the Banks in India. In our considered opinion, viewed from any angle, the objects, either main or ancillary, are not in the nature of business or trade or commerce. The banks merely...