Whether 269SS is applicable in case of chit institutions??
soumya d prabhu (ernakulam) (73 Points)
14 October 2019
Whether 269SS is applicable in case of chit institutions??
soumya d prabhu (ernakulam) (73 Points)
14 October 2019
Kapadia Pravin
(17249 Points)
Replied 15 October 2019
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 15 October 2019
1. Yes, accept with Pravin Ji. Any loans or advance or any other form of sum (in relation to the transfer of immovable property) if not made otherwise than by an account payee cheque or draft or through electronic clearing system will get hit by sec 269SS.
2. If such a Chit fund is specifically notified by the government for exemption of sec 269SS then it shall be excluded. Otherwise, all chit funds will be covered u/s 269SS of the act.
Please correct me if the above solution has an alternative view.
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