Search and Seizer - restraint Order u/s 132(3) - Whether discloser of Bank Account is sufficient ground to avoid restraint on operation of the bank account. https://www.taxtmi.com/news?id=277 Mere disclosure of bank accounts or computerized records does not preclude a restraint on operating those accounts under search and seizure provisions; the banker-customer relationship remains one of debtor and creditor, meaning deposited funds are the bank's subject to repayment obligations. Where funds are transferred to a PD account under procedural orders, they should be placed in an interest-bearing fixed deposit to preserve statutory interest entitlements, and the related assessment must be completed within the prescribed time. en-us Tue, 05 Feb 2008 12:52:00 +0530 Tue, 24 Jun 2008 18:22:00 +0530 TaxTMI RSS Generator Search and Seizer - restraint Order u/s 132(3) - Whether discloser of Bank Account is sufficient ground to avoid restraint on operation of the bank account. https://www.taxtmi.com/news?id=277 Mere disclosure of bank accounts or computerized records does not preclude a restraint on operating those accounts under search and seizure provisions; the banker-customer relationship remains one of debtor and creditor, meaning deposited funds are the bank's subject to repayment obligations. Where funds are transferred to a PD account under procedural orders, they should be placed in an interest-bearing fixed deposit to preserve statutory interest entitlements, and the related assessment must be completed within the prescribed time. News - Tue, 05 Feb 2008 12:52:00 +0530 https://www.taxtmi.com/news?id=277