Income Tax to share information with Scheduled Commercial Banks
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 71/ 2020
New Delhi, the 31st August, 2020
S.O. 2947(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 “Scheduled Commercial Banks” listed in the Second Schedule of the Reserve Bank of India Act, 1934 for the purposes of the said clause.
[/F. No. 225/136/2020-ITA.II]
RAJARAJESWARI R., Under Secy
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- Credit in partner’s capital account for book entry adjustments can not be added u/s 68
- Non-compliance of summons issued u/s 131 no ground to make addition u/s 68
- Assessee not obliged to demonstrate actual utilization of donation u/s 35(1)(ii)
- For Registration u/s 12AB, phrase “genuineness of activities” is interpreted liberally
- If AO rejects a reply, he has to offer opportunity of personal hearing to assessee
