Recovery of demand through bank - current account was frozen - ...

Court Rules No Interest Payable on Frozen Current Account; Bank Not Obligated to Convert to Fixed Deposit.

June 23, 2016

Case Laws Customs HC

Recovery of demand through bank - current account was frozen - whether the bank is bound to keep the amount lying to the credit of the current account of the Plaintiff in a Fixed Deposit. - No interest is payable on a current account or an account in the nature of a current account - HC

View Source

← Previous Next →

Recovery of demand through bank - current account was frozen - ...

Court Rules No Interest Payable on Frozen Current Account; Bank Not Obligated to Convert to Fixed Deposit.

June 23, 2016

Case Laws Customs HC

You may also like:

The High Court held that the action of the respondents in freezing the bank account of the petitioner without any pending proceedings under the Act was illegal and...

Dishonor of cheque due to account freeze falls within the purview of Section 138 of the Negotiable Instruments Act. The test is whether the account had insufficient...

Seeking directions to de-freeze the bank accounts - The court carefully examined the relevant provisions of the Income Tax Act and found that the freezing of bank...

Money Laundering - proceeds of crime - Freezing of bank accounts of petitioner - This Court is of the considered view that though there is power to direct freezing of...

Freezing of Bank Account of petitioner - non-release of the export shipment made by the petitioner - Since the petitioner has not given separate representation for...

Freezing of Bank Accounts - bogus addresses for the purposes of claiming IGST refunds - the power to freeze or suspend operations of a bank account cannot legally be exercised.

The court held that once a Magistrate takes cognizance and issues process against the accused, there is no provision in the Code of Criminal Procedure to allow the...

De-freezing the bank account of petitioner - fraudulent availment of the ITC - Petition disposed off while granting them liberty to file their objections, under Rule...

Addition made u/s 153A on account of undisclosed foreign bank account and interest income thereon - assessee confronted with client profiles from HSBC Bank showing...

Challenge to order allowing the Enforcement Directorate (ED) to retain/seize/freeze documents, digital records, bank accounts seized during search conducted on...

Confiscation of goods u/s 111 - Freezing of bank account - Smuggling of goods - appellant has failed to explain the source of the imported goods sale proceeds whereof...

Freezing of Bank Accounts - investigation under the FCRA - Seeking to continue utilising their accounts for payment of salary and institutional expenses - Section 37 of...

Disallowance of proportionate bank interest and drawings made by the Managing Partner of the firm - Interest payment attributable to interest paid on funds diverted for...

The case dealt with the interpretation of interest clauses in an arbitration award, specifically whether interest could be payable on interest or if the awarded 15% per...

Application for seeking PAN should be filed at least 7 days prior to enter into specified transaction as referred to in section 139A(3)(vii) read with rule 114BA -...

Quick Updates: