Power to call for Information by prescribed IT Authority - Section 133C - Income Tax - Ready Reckoner - Income Tax

Power to call for Information by prescribed IT Authority - Section 133C (1) The prescribed income-tax authority, may for the purposes of verification of information in its possession relating to any person, issue a notice to such person requiring him, on or before a date to be specified therein, to furnish information or documents verified in the manner specified therein, which may be useful for, or relevant to, any inquiry or proceeding under this Act. (2) Where any information or document has been received in response to a notice issued under section 133C(1), the prescribed income-tax authority may process and utilise such information and document in accordance with the scheme notified under section 133C(3) or the provisions of section 135A . (3) The Board may make a scheme for centralised issuance of notice and for processing of information or documents and making available the outcome of the processing to the Assessing Officer. (4) The scheme made under section 133C(3) shall cease to have effect from the date on which the scheme notified under section 135A in respect of this section comes into effect. Proceeding shall have the meaning in respect of any year which may be pending on the date on which the powers under this section are exercised or which may have been completed on or before such date and includes also all proceedings under this Act which may be commenced after such date in respect of any year.