Banking Company definition clarifies which entities fall within regulatory scope for cash transaction restrictions under income tax compliance. For the purposes of section 269SS of the Income-tax Act, Banking Company means a company to which the Banking Regulation Act, 1949 applies and includes any bank or banking institution referred to in section 51 of that Act.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Banking Company definition clarifies which entities fall within regulatory scope for cash transaction restrictions under income tax compliance.
For the purposes of section 269SS of the Income-tax Act, Banking Company means a company to which the Banking Regulation Act, 1949 applies and includes any bank or banking institution referred to in section 51 of that Act.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.