Sharing of wealth return asset details: permitted to public sector banks for loan recovery with confidentiality and NOC safeguards. Asset information from wealth tax returns may be furnished under Section 42B when the Commissioner is satisfied it is in the public interest to assist public sector banks in recovering loans; disclosures are limited to borrower, mortgagor or guarantor, require a bank undertaking and confidentiality clause, and mandate a No Objection Certificate from the jurisdictional tax authority before appropriation of any surplus to protect departmental tax dues.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Sharing of wealth return asset details: permitted to public sector banks for loan recovery with confidentiality and NOC safeguards.
Asset information from wealth tax returns may be furnished under Section 42B when the Commissioner is satisfied it is in the public interest to assist public sector banks in recovering loans; disclosures are limited to borrower, mortgagor or guarantor, require a bank undertaking and confidentiality clause, and mandate a No Objection Certificate from the jurisdictional tax authority before appropriation of any surplus to protect departmental tax dues.
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