SHORT ANSWER:
Yes, the Income Tax Department can access bank statements under certain conditions.
DETAILS:
- The Income Tax Department can obtain bank statements during an assessment or investigation if they suspect tax evasion.
- They may require banks to provide information under Section 133 of the Income Tax Act, 1961.
PUNISHMENT / IMPLICATIONS (if applicable):
- Failure to disclose income can lead to penalties, interest on unpaid taxes, or prosecution under the Income Tax Act.
SOURCE:
- Income Tax Act, 1961
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