furnishing general informations

Guest (Querist) 03 December 2010 This query is : Resolved
the IT deptt. has asked the bank to furnish certain information, which are not relating to any specific individual/ Firm or any one particular transaction. The information sought for are general in nature e.g. number of Fixed Deposits more than Rs. 2 lacs and details thereof; details of the amount deposited in an office account etc.
Can the IT Deptt ask for such information and if yes, what are the implications of not furnishing such information ?
Shall the bank be liable for penalties under Ch XXI of the Act ?

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aman kumar (Expert) 03 December 2010
I T DEPARTMENT CAN ASK SUCH QUARRY !

s.subramanian (Expert) 03 December 2010
Yes.

Parthasarathi Loganathan (Expert) 03 December 2010
Income Tax Department has been entrusted with statutory powers to seek information and details of any bank account and banks are legally bound to furnish them