DG/Secretary Competition Commission of India notified u/s 138 to disclose information to Income Tax DepartmentÂ
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No.57/2020
New Delhi, the 30th July, 2020
S.O. 2528(E).—In pursuance of sub-clause (ii) of clause (a) of sub-section (1) of section 138 of the Income-tax Act, 1961, the Central Government hereby specifies Director General / Secretary, Competition Commission of India for the purpose of said clause.
2.It is clarified that income-tax authority, as specified in Notification No. S.O.No. 731(E) dated 28.07.2000, shall-
(i) furnish only relevant and precise information after forming an opinion that furnishing of such information is necessary so as to enable the above notified authority to perform its functions under the law being administered by it; and
(ii) convey to the authority being specified vide this notification to maintain absolute confidentiality in respect of information being furnished.
[F. No. 225/ 98/2019-ITA-II]
RAJARAJESWARI R., Under Secy.
- AO took a reasonable stand that 25 kg written in WhatsApp chat was 25 lakh – ITAT
- Shareholders can’t be taxed for income from properties owned by the company – HC
- Jurisdictional error in reassessment approval can’t be shielded by the law of limitation
- ITAT ought to remanded whole matter of bogus purchases instead of profit determination
- Where proceedings u/s 153C barred by limitation, AO can’t invoke section 148 & 148A
