CBDT issued circular granting relief to Co -operative Societies for the purposes of Section 269ST(c) of the Income-tax Act [transactions relating to one event or occasion from a person]

CBDT clarified that in respect of Co -operative Societies, a dealership/ distributorship contract by itself may not constitute an event or occasion for the purposes of clause (c) of Section 269ST. Cash receipt related to such a dealership/distributorship contract by the Co-operative Society on any day in a previous year, which is within 'the prescribed limit' [two lakh rupees] and complies with clause (a)  in aggregate from a person in a day; or (b)  in respect of a single transaction of Section 269ST, may not be aggregated across multiple days for purposes of clause (c) of Section 269ST for that previous year.

Circular No. 25 of 2022 dated 30.12.2022

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