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of <h1>Income Tax Act Section 133 Empowers Authorities to Request Financial Information from Various Entities, Including Banks and Trustees.</h1> Section 133 of the Income Tax Act grants specific authorities, such as the Assessing Officer and various Commissioners, the power to request information from entities like firms, Hindu undivided families, trustees, and agents. They can demand details about partners, family members, trustees, and financial transactions, including payments and stock dealings. Clause (6) extends these powers to banking entities and requires higher-level approval for inquiries without pending proceedings. Additionally, under sections 90 or 90A, authorities can exercise these powers for agreements, even if no proceedings are active.
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