https://www.taxtmi.com/caselaws?id=11670 The court upheld the validity of notices issued under section 133(6) of the Income-tax Act, 1961, requiring information from co-operative societies and banks. It clarified that the provision allows for information gathering to prevent tax evasion, even without pending proceedings, as long as the necessary approval is obtained. The court dismissed concerns about breaching customer secrecy, stating that transparency in financial transactions is paramount. Additionally, it affirmed that section 133(6) applies to all financial institutions, emphasizing the legislative intent to enhance tax enforcement through effective information collection. The appeals were dismissed, and the appellants were given two months to comply with the notices. en-us Tue, 25 Feb 2003 00:00:00 +0530 Fri, 05 Feb 2010 18:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11670 The court upheld the validity of notices issued under section 133(6) of the Income-tax Act, 1961, requiring information from co-operative societies and banks. It clarified that the provision allows for information gathering to prevent tax evasion, even without pending proceedings, as long as the necessary approval is obtained. The court dismissed concerns about breaching customer secrecy, stating that transparency in financial transactions is paramount. Additionally, it affirmed that section 133(6) applies to all financial institutions, emphasizing the legislative intent to enhance tax enforcement through effective information collection. The appeals were dismissed, and the appellants were given two months to comply with the notices. Case-Laws Income Tax Tue, 25 Feb 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11670