Validity of income-tax notices to co-operative banks under section 133(6) upheld for deposit and account-holder details.

Income-tax notices issued to co-operative banks seeking particulars of deposits and account-holders were treated as valid under section 133(6) because they were issued in connection with an income-tax investigation. The requests covered details of persons making term recurring deposits of fifty thousand rupees and above, including addresses and deposit amounts. The earlier view upholding such notices had already been affirmed by a Division Bench, and the appeal was dismissed.

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Issues: Whether the notices issued by the Income-tax Department requiring the co-operative banks to furnish particulars of deposits and account-holders were valid under section 133(6) of the Income-tax Act, 1961.

Analysis: The notices sought information in connection with income-tax investigation, including details of persons making term recurring deposits of fifty thousand rupees and above along with their addresses and deposit amounts. The earlier view upholding the notices under section 133(6) had already been affirmed by a Division Bench.

Conclusion: The notices were treated as valid and the appeal was dismissed.

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