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TMI Blog2017 (2) TMI 32X X X X Extracts X X X X X X X X Extracts X X X X ..... 3) TMI 652 - SUPREME COURT ) has considered an identical set of facts concluding that the activity of 'Qardan Hasana' constitutes religious activity. The Trust is thus entitled to grant of registration under section 12AA of the Act. We may also note that the specific object in the Trust Deed in the present case objected to by the Commissioner of Income Tax which reads as follows: To promote, pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... substantial questions of law that arise for consideration in this appeal are as follows; 1. Whether under the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in holding that the assessee is entitled for registration u/s.12AA of the Act? 2. Whether on the facts and circumstances of the case, the Tribunal was justified in holding that the giving of interest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... contained an object permitting the grant of interest-free loans to businessmen/women belonging to the Bohra Mohammed community for furtherance of business interests. He was of the view that this was outside the ambit of religious activity and the registration sought was rejected yet again. An appeal was filed before the Tribunal, which, vide order dated 7.5.2013 allowed the same. 4. We have hea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 12AA of the Act. We may also note that the specific object in the Trust Deed in the present case objected to by the Commissioner of Income Tax which reads as follows: 4.4 To promote, propogate, foster and implement the concept of Qardan Hasana among the Dawoodi Bohras, in accordance with the tenets and principles of Dawat-e-Hadiyah.is identical to the object considered by the Supreme Court as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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