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/-.
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,