TaxTMI 
TaxTMI 
Whether provisions of Sec 269SS are applicable to MAC society which is doing the business of banking
with regards
CASH DEPOSITS BY A Mutually AIDED COOPERATIVE SOCIETY
06 Feb 2019 
1 Reply 
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Inapplicability of Section 269SS to mutually aided cooperative societies conducting banking: advisory view that it does not apply.
Query whether the cash-deposit prohibition of Section 269SS applies to a Mutually Aided Cooperative society engaged in banking; advisory reply states the provision is not applicable to such a society and that the cash-deposit restriction does not extend to its deposit-taking activities. (AI Summary)
Query whether the cash-deposit prohibition of Section 269SS applies to a Mutually Aided Cooperative society engaged in banking; advisory reply states the provision is not applicable to such a society and that the cash-deposit restriction does not extend to its deposit-taking activities. (AI Summary)
