Sec. 269 ss
Santosh Nalawade (Practice) (355 Points)
04 June 2016
dear all, does sec. 269 SS applicable on deposits accepted by banks from saving / current / fixed deposit account holders.
Santosh Nalawade (Practice) (355 Points)
04 June 2016
CA Mohit Khattar
(Practicing Chartered Accountant)
(50 Points)
Replied 04 June 2016
269SS shall not be applicable on deposits accepted by banks from saving / current / fixed deposit account holders as it is covered under first proviso to sec 269SS which states as under:
The provisions of this section shall not apply to any loan or deposit taken or accepted from or any loan or deposit taken or accepted by,
(i) Government
(ii) Any banking company, post office saving bank or cooperative bank
(iii) Any corporation established by a central, state or provincial act.
(iv) Any government company
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