Account closure requires authorized approval and triggers payment of the credited balance including accrued interest to the designated account. Closure of an investment deposit account requires an application in Form 'E' with approval of the Income tax Officer or other officer having jurisdiction; subject to paragraph 9, the deposit office must pay the depositor's credited balance, including interest accrued up to the last day of the month preceding the application, by credit to the designated account. For third party claimants under the proviso to sub section (7) of section 32AB, the Development Bank shall pay only upon certification by the Income tax Officer or other officer with jurisdiction.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Account closure requires authorized approval and triggers payment of the credited balance including accrued interest to the designated account.
Closure of an investment deposit account requires an application in Form 'E' with approval of the Income tax Officer or other officer having jurisdiction; subject to paragraph 9, the deposit office must pay the depositor's credited balance, including interest accrued up to the last day of the month preceding the application, by credit to the designated account. For third party claimants under the proviso to sub section (7) of section 32AB, the Development Bank shall pay only upon certification by the Income tax Officer or other officer with jurisdiction.
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