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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/-.

 
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self working

i also want to know.

 
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Advocate

Yes, the provisions under 269 apply.

 
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advocate & tax consultant

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

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

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

 
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Joint Registrar of co-operative societies (Rtd.)

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 524 times
 
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