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of <h1>Supreme Court affirms authority to issue loan repayment notices under Income Tax Act</h1> <h3>Karnataka Bank Ltd. Versus Secretary, Govt of India & Others</h3> The Supreme Court upheld the interpretation of Section 133(6) of the Income Tax Act, allowing authorities to issue notices for information on loan ... - Issues involved: Interpretation of Section 133(6) of the Income Tax Act regarding issuance of notice for information on loan repayments without a pending inquiry.Judgment Summary:Interpretation of Section 133(6) of the Income Tax Act:The petitioner argued that the High Court misinterpreted Section 133(6) of the Income Tax Act by issuing a notice requesting information on loan repayments without a pending inquiry. The petitioner contended that the omnibus notice for information on the bank's customers was not within the scope of the said sub-section.The Supreme Court disagreed with the petitioner's argument, citing the provision of Section 133(6) which allows authorities to require information for any useful or relevant inquiry or proceeding under the Act. The Court highlighted that the second proviso clarifies that such information can be requested even in the absence of a pending proceeding, subject to approval from the Director or Commissioner. In this case, the notice was issued at the behest of the Director of Income-Tax (Investigation).The Court upheld the interpretation of Section 133(6) as adopted by the Single Judge and the Division Bench of the Karnataka High Court. Consequently, the Special Leave Petitions were dismissed.
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