2002 (1) TMI 10

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..... en respondent No. 5 is directed to pass suitable order, pending appeal with respect to the said FDR if the same is found to be payable to the petitioners and shall direct release of the amount of the FDR to respondent No. 4-bank for being paid to the petitioners. All this process must be completed by respondent No. 5 within eight weeks from today.
Judge(s) : V. C. DAGA., J. P. DEVADHAR. JUDGMENT Heard parties on interim relief. Perused rival affidavits-in-reply including rejoinder and supplementary affidavits. This petition is at the instance of two petitioners who are the joint depositors of respondent No. 4-bank, viz., Development Credit Bank Ltd., Mumbai. The petitioners had jointly deposited a sum of Rs. 3,00,000 in fixed deposit .....

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..... ils furnished by the petitioners were furnished to the Assessing Officer with respect to the fixed deposits involved in this petition. However, learned counsel appearing for the Income-tax Department disputed this statement made on behalf of respondent No. 4-bank and has made a statement before us that respondent No. 4-bank and has made a statement before us that respondent No. 4-bank did not furnish details of the fixed deposit involved in this petition, therefore, the fixed deposit, which is the subject matter of the present petition, has been assessed in the hands of respondent No. 4-bank as their income and appeal challenging the said order of the Assessing Officer is pending before the Commissioner of Income-tax (Appeals), Mumbai, for .....

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..... then respondent No. 5 is directed to pass suitable order, pending appeal with respect to the said FDR if the same is found to be payable to the petitioners and shall direct release of the amount of the FDR to respondent No. 4-bank for being paid to the petitioners. All this process must be completed by respondent No. 5 within eight weeks from today. We direct the Income-tax Department through respondents Nos. 1 and 2 to refund of this amount to respondent No. 4-bank within two weeks from the date of the above order. Respondent No. 4-bank shall in turn after receipt of the amount make the payment to the petitioners within one week from the date of receipt of the amount with accrued interest. The payment to the petitioners, if any, shall be .....

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