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SACHIN DHARMENDRAKUMAR JAIN (Chartered Accountant)     08 July 2011

Applicability of Sec 269SS to Patpedhi

A patpedhi is established under Maharashtra Co-Op Societies Act for the purpose of accpting Deposits and giving Loan to its members. Whether section 269SS & 269T is applicable for deposits taken and Loans given in Cash over Rs.20000/-.


 6 Replies

pratik (self working)     13 July 2011

i also want to know.

A V Vishal (Advocate)     13 July 2011

Yes, the provisions under 269 apply.

jagadish hiremath (advocate & tax consultant)     29 August 2011

Sec 269SS applies. It is better to transfer such loan to Member's SB A/c and get or credit through SB a/c or pigmy a/c

Sadashiv Rupchand Gaikwad (Partner)     10 September 2011

Patpedhi is not Banking Company under Company Act, SO 269SS is applicable

CA. Vipul Jadhav (Partner)     18 January 2013

Yes Section 269SS and 269T are applicable to Pathpedhi's / Patsanstha's, Since the same is not a Bank under the RBI Act.

Radhakrishnan K.V. (Joint Registrar of co-operative societies (Rtd.))     19 January 2013

No. Section 269SS & 269T is not applicable for deposits taken and Loans given in Cash over Rs.20000/-.

Vide verdict of  THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH "E", MUMBAI - I.T.A. No. 1799/Mum/2011 dated 13th day of May, 2011.-- M/s Salgaon Sanmitra Sahakari Addl. Commissioner of Income-tax, Pathpedhi Limited, Vs. Ward-17(3),Mumbai. 1/11 Kamgar Seva Sadan,

Attached File : 193594026 salgaon sanmitra sahakari ... vs assessee on 13 may, 2011.pdf downloaded: 551 times

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