https://www.taxtmi.com/caselaws?id=11298 The court held that Income-tax Officers were not liable for damages as they acted within their statutory powers to investigate the source of deposits, ruling their actions as legally justifiable. However, the banks were directed to pay interest on the fixed deposit amounts withheld post-maturity due to the officers' prohibitory orders, in accordance with the contract rate until actual payment, as per fluctuations directed by the Reserve Bank. The appeal was partially allowed, setting aside the appellate court's judgment and instructing the banks to pay the accrued interest to the appellant, along with costs. en-us Wed, 24 Sep 2003 00:00:00 +0530 Thu, 06 Aug 2009 10:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11298 The court held that Income-tax Officers were not liable for damages as they acted within their statutory powers to investigate the source of deposits, ruling their actions as legally justifiable. However, the banks were directed to pay interest on the fixed deposit amounts withheld post-maturity due to the officers' prohibitory orders, in accordance with the contract rate until actual payment, as per fluctuations directed by the Reserve Bank. The appeal was partially allowed, setting aside the appellate court's judgment and instructing the banks to pay the accrued interest to the appellant, along with costs. Case-Laws Income Tax Wed, 24 Sep 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11298