The Central Board of Direct Taxes (CBDT) on Thursday notified the Competition Commission of India (CCI) to disclose information to the Income Tax Department under section 138 of the Income-tax Act, 1961.
The notification clarified that income-tax authority, as specified in Notification No. S.O. No. 731(E) dated July 28, 2000, shall, “furnish only relevant and precise information after forming an opinion that furnishing such information is necessary so as to enable the above-notified authority to perform its functions under the law being administered by it.”
“Convey to the authority being specified vide this notification to maintain absolute confidentiality in respect of information being furnished,” the notification further specified.