Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
A bank cannot freeze a customer's account on its own initiative merely because transactions appear inconsistent with declared income. The Court held that, absent a complaint, criminal proceeding, recovery action, competent authority order, or lawful lien, the bank had no legal foundation to assume an investigative role or deny operation of the current account. It further held that the Prevention of Money Laundering Act and RBI suspicious transaction reporting instructions do not authorise freezing the entire account; at most, the statute contemplates action by the competent authority under the statutory scheme. The freezing was therefore arbitrary, violated natural justice and the right to carry on business and livelihood, and the account was directed to be de-frozen forthwith.
A bank cannot freeze a customer's account on its own initiative merely because transactions appear inconsistent with declared income. The Court held that, absent a complaint, criminal proceeding, recovery action, competent authority order, or lawful lien, the bank had no legal foundation to assume an investigative role or deny operation of the current account. It further held that the Prevention of Money Laundering Act and RBI suspicious transaction reporting instructions do not authorise freezing the entire account; at most, the statute contemplates action by the competent authority under the statutory scheme. The freezing was therefore arbitrary, violated natural justice and the right to carry on business and livelihood, and the account was directed to be de-frozen forthwith.
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