2014 (4) TMI 240 - HC - Income Tax

Powers available to assessing officer u/s 133(6) of the Act Held that - The decision in Kathiroor Service Co-operative Bank Ltd. and Others vs. Commissioner of Income Tax and Others 2013 (11) TMI 728 - SUPREME COURT followed - The opinion of the Income Tax Officer is manifest by his conduct in issuing the notices u/s 133(6) of the Act - The Co-operative Bank should not feel shy to furnish the information sought by the Income Tax Department in order to ensure that the transactions of the depositors are wholly transparent Decided against Assessee.

Summary

The High Court of Madras dismissed writ petitions challenging Income Tax Department notices, citing previous judgments. Co-operative banks must provide transparent information to the tax department, with the option to request extensions if needed.