Transfer of interest on FD to stranger - The Bank has not ...

Court Rules Bank Must Pay Fixed Deposit to Rightful Party, Lacking Transfer Authorization Evidence to 5th Respondent.

October 22, 2021

Case Laws Direct Taxes HC

Transfer of interest on FD to stranger - The Bank has not produced any instructions issued either by the petitioner or any other person authorised by the petitioner to transfer the interest accrued on the fixed deposit to the 5th respondent. The Bank could not have acted on instructions of the 5th respondent, since the 5th respondent is a stranger to the contract. In view of the authoritative pronouncements of the Apex Court which have been extracted above and that of a Division Bench of this Court that the Bank owes a public duty to pay the amounts due on a fixed deposit which has matured, I am of the opinion that the writ petition is maintainable and the petitioner is entitled to the relief prayed for. - HC

View Source

← Previous Next →

Transfer of interest on FD to stranger - The Bank has not ...

Court Rules Bank Must Pay Fixed Deposit to Rightful Party, Lacking Transfer Authorization Evidence to 5th Respondent.

October 22, 2021

Case Laws Direct Taxes HC

You may also like:

A Non-Resident Indian residing in Saudi Arabia made fixed deposits from remittances received in Dubai and maturity proceeds of existing term deposits, interest on NRE...

The assessee's contentions were upheld by the Tribunal regarding various additions made by the Assessing Officer. The Tribunal ruled that the RTGS transfer from the...

Forfeiture of the earnest money deposit by the appellant bank - The Supreme Court held that, the underlying principle envisaged u/s(s) 73 & 74 of the Indian Contract...

Doctrine of mutuality - Interest earned on the bank deposits by clubs - Deposit of surplus funds by the appellant Clubs by way of bank deposits in various banks - the...

Scope of Deposits - amounts collected by the petitioners for sale of immovable property as advance - would come under the purview of ‘deposits’ or would exempt from the...

Unexplained cash deposits in bank account - The claim of the assessee remained as a bald claim only followed by no evidence. Why the depositors will deposit their funds...

Cash seized during investigation cannot be appropriated towards pre-deposits u/s 35FF of Central Excise Act or Section 129EE of Customs Act as a condition for filing...

The Court held that imposing a condition of furnishing a bank guarantee while granting bail is illegal. The Apex Court, in Subhash Chouhan v. Union of India, ruled that...

Adjudication Order penalized under FEMA - Writ of Mandamus to foreclose fixed deposit created by first respondent using petitioners' money and direct Bank to release...

Additions against fixed deposit in the name of family members and interest income - Admittedly, the amount of fixed deposit in the name of family members can adequately...

Right of bank to claim priority on redemption of FD - CIRP proceedings under process - Fixed Deposits were never charged to the Appellant neither originally as “Charged...

Deduction u/s 80-IC - Interest on Fixed Deposits (FD) - in order to avail overdraft facility, the bank mandated pledge of fixed deposits - interest earned out of the...

Unexplained cash deposits in bank - receipt of rental deposits in cash - The fact remains that the cash rental deposits have been received by the assessee which is not...

The assessee claimed deduction u/s 80P(2)(d) of the Income Tax Act for interest income earned on deposits with a Cooperative Bank. The Assessing Officer and CIT(A)...

Transfer of capital goods to sister unit (transfer of business) - Rule 3 (5) of the Cenvat Credit Rules, 2004 - The conditionalities of Rule 10 given in sub-rule (3)...

Quick Updates: