Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
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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