Income Tax department has issued notices to three top private lenders in the country - ICICI Bank, Axis BankBSE -0.52 % and HDFC BankBSE -0.22 % - in connection with alleged money launderingcharges levelled by online portal Cobrapost. The department has asked these banks to produce documents for verification as part of its tax evasion probe.
The notices have been issued under section 131 of the I-T Act (power regarding discovery, production of evidence) after going through two confidential reports submitted recently to the Department of Revenue by the RBI and the Financial Intelligence Unit (FIU), official sources said today.
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