Disclosure of information respecung assesses
23[Disclosure of information respecung assesses.
138. 24[(l)(a) The Board or any other income-tax authority specified25 by it by a general or special order in this behalf may furnish or cause to be furnished to—
(i) any officer, authority or body performing any functions under any law relating to the imposition of any tax, duty or cess, or to dealings in 26[foreign exchange as defined in section 2(d) of the Foreign Exchange Regulation Act, 1947 (7 of 1947)27; or
28(ii) such officer, authority or body performing functions under any other law as the Central Government may, if in its opinion it is necessary so to do in the public interest, specify by notification in the Official Gazette in this behalf,
any such information 28a[relating to any assessee in respect of any assessment made under this Act or the Indian Income-tax Act, 1922 (11 of 1922)], as may, in the opinion of the Board or other income-tax authority, be necessary for the purpose of enabling the officer, authority or body to perform his or its functions under that law.
29(b) Where a person makes an application to the 29a[Chief Commissioner or Commissioner] in the prescribed form for any information relating to any assessee 29b[in respect of any assessment made under this Act or the Indian Income-tax Act, 1922 (11 of 1922), on or after the 1st day of April, 1960], the 29a[Chief Commissioner or Commissioner] may, if he is satisfied that it is in the public interest so to do, furnish or cause to be furnished the information asked for 29c[in respect of that assessment only] and his decision in this behalf shall be final and shall not be called in question in any court of law.]
(2) Notwithstanding anything contained in sub-section (1) or any other law for the time being in force, the Central Government may, having regard to the practices and usages customary or any other relevant factors, by order notified30 in the Official Gazette, direct that no information or document shall be furnished or produced by a public servant in respect of such matters relating to such class of assessees or except to such authorities as may be specified in the order.]
23. Substituted by the Finance Act, 1964, w.e.f. 1-4-1964.
24. Substituted by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1967.
25. For specified income-tax authorities, refer Taxmann's Direct Taxes Circulars, Vol. 1, 1985 edn., p. 860.
26. Section 2(h) of the Foreign Exchange Regulation Act, 1973 defines "foreign exchange" as under:
'(h) "foreign exchange" means foreign currency and includes—
(i) all deposits, credits and balances payable in any foreign currency, and any drafts, traveller's cheques, letters of credit and bills of exchange, expressed or drawn in Indian currency but payable in any foreign currency ;
(ii) any instrument payable, at the option of the drawee or holder thereof or any other party thereto, either in Indian currency or in foreign currency or partly in one and partly in the other.
27. Since repealed and now the Foreign Exchange Regulation Act, 1973 (46 of 1973).
28. For complete list of specified officer/authority, refer Taxmann's Direct Taxes Circulars, Vol. 1, 1985 edn., p. 860 and Taxmann's Yearly Tax Digest & Referencer, 1986 edn., p. 4.160.
28a. "received or obtained by any income-tax authority in the performance of his functions under this Act " shall be substituted for "relating to any assessee in respect of any assessment made under this Act or the Indian Income-tax Act, 1922 (11 of 1922)" by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.
29. See rule 113(1) and Form No. 46.
29a. Substituted for "Commissioner", by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988.
29b. "received or obtained by any income-tax authority in the performance of his functions under this Act " shall be substituted for "in respect of any assessment made under this Act or the Indian Income-tax Act, 1922 (11 of 1922) on or after the 1st day of April, 1960" by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.
29c. "in respect of that assessment only" shall be omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.
30. For order notified under sub-section (2), refer Taxmann's Direct Taxes Circulars, Vol. 1, 1985 edn.,p. 861.
[AS AMENDED BY THE FINANCE ACT, 1988]