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of <h1>CBDT Stresses Full Disclosure in Tax Recovery Notices u/s 226(3) to Prevent Revenue Loss and Aid RBI Efforts.</h1> The Central Board of Direct Taxes (CBDT) addressed an issue regarding the recovery of income tax dues under Section 226(3) of the Income Tax Act, 1961. A case was highlighted where an Income Tax Officer (ITO) issued a notice without including specific details of Annuity Deposit Certificates, complicating recovery efforts by the Reserve Bank of India (RBI). The CBDT emphasized the importance of providing complete information, including certificate details, to facilitate tax collection and prevent revenue loss. ITOs are instructed to ensure full disclosure of available details when issuing recovery notices to financial institutions, with supplementary information provided promptly if initially unavailable.
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