CASH DEPOSITS BY A Mutually AIDED COOPERATIVE SOCIETY

[VEMULA CHANDRASEKHAR]

Whether provisions of Sec 269SS are applicable to MAC society which is doing the business of banking

with regards

AI Summary

Section 269SS of Income Tax Act Not Applicable to Mutually Aided Cooperative Society in Banking Activities A query was raised regarding the applicability of Section 269SS of the Income Tax Act to a Mutually Aided Cooperative Society (MAC) engaged in banking activities. The concern was whether the provisions related to cash deposits apply to such societies. The response provided by a participant indicated that, in their opinion, Section 269SS does not apply to the MAC society in question.