9911796707
TMI Blog2014 (8) TMI 380X X X X Extracts X X X X X X X X Extracts X X X X ..... e applicant is a Trust registered under Section 12AA of the Income Tax Act, 1961. They provide micro finance to self-employed women by organizing them into Self-Help Groups. They take finance from other financial institutions @ 12% and while providing finance to SHGs they charge 15% from such persons. Revenue was of the view that this 3% was towards loan processing fee and service charges and woul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /- against the applicant along with interest and penalty. Aggrieved by the order, the applicant has preferred the present appeal along with stay petition. 2. Arguing for the applicant, the learned consultant submits that the applicant was not a financial institution or Non Banking Financial Company or a commercial concern but was instead a Trust. Only for a brief period under dispute, Section 65( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd granted unconditional stay. Therefore, he prays for a similar order in this matter also. 3. Opposing the prayer, the learned AR for Revenue submits that the applicant would come within the meaning of "Financial Institution" as defined under RBI Act, 1934. He further submits that the applicant is charging a margin of 3% of loan amount and Revenue is demanding tax only on that part of the amount ..... X X X X Extracts X X X X X X X X Extracts X X X X
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