Central Government, having regard to the practices and usages customary among banking companies and to other relevant factors - S.O.2048 - Income Tax Act, 1961
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Confidentiality of bank tax records barred, with limited statutory exceptions permitting disclosure for prosecutions and official tax functions. The notification directs that no public servant shall disclose or produce information or documents supplied under the Income-tax Act relating to assessees that are banking companies, subject to specified exceptions permitting disclosure for prosecutions, tax administration, lawful service or recovery processes, exchange of information for double taxation relief, central audit functions, and specified inquiries and disciplinary or prosecutorial processes.
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.
Confidentiality of bank tax records barred, with limited statutory exceptions permitting disclosure for prosecutions and official tax functions.
The notification directs that no public servant shall disclose or produce information or documents supplied under the Income-tax Act relating to assessees that are banking companies, subject to specified exceptions permitting disclosure for prosecutions, tax administration, lawful service or recovery processes, exchange of information for double taxation relief, central audit functions, and specified inquiries and disciplinary or prosecutorial processes.
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