CBDT allows exchange of information with CCI
by Nidhi Bhati
The Central Board of Direct Taxes (CBDT) has authorised income tax authorities to share information or details in its possession with the Competition Commission of India (CCI). The CBDT added that the income-tax authority shall furnish only relevant and precise information that too by maintaining appropriate confidentiality. CCI generally requires extensive financial information to investigate, whether an entity or group has a dominant position in the market or not and whether any transaction or arrangement would result in a situation eliminating competition from the market.