........SC has ruled that no financial institution can refuse to disclose details of their customers on the ground of confidentiality to the income tax authorities. It said that the Financial Act, 1995, has expanded the power of the revenue authorities to requisition information which will be useful for or relevant to any enquiry or proceedings under the Income Tax Act. Besides, the income tax officers can now gather general particulars of customers in the nature of a survey and store information in computers to check any tax evasion, the apex court said..........
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