2002 (2) TMI 9 - SC - Income Tax

Power to Call for Information - Whether pending proceeding is condition precedent before issuing notice under section 133(6) - Held no - it is not necessary that any inquiry should have commenced with the issuance of notice or otherwise before section 133(6) could have been invoked

Summary

The Supreme Court upheld the validity of a notice issued under section 133(6) of the Income Tax Act, 1961, allowing authorities to request information from a banking company even without a pending inquiry, as long as approved by the Director or Commissioner. The court dismissed the special leave petitions challenging the notice's validity.