https://www.taxtmi.com/caselaws?id=15457 The court held that the Assistant Director of Income-tax (ADI) lacked jurisdiction to order the encashment of Fixed Deposit Receipts (FDRs) under Section 132(1) of the Income-tax Act, 1961. The court directed the Income-tax Department to remit the encashed amount to the bank, instructed the bank to issue fresh FDRs to the petitioners, and allocated the financial burden of compliance to the bank officials responsible for the irregularities. The court emphasized that its directives would not impact the ongoing income-tax proceedings concerning the ownership of the FDRs and disposed of the writ petitions without costs. en-us Thu, 02 Dec 1999 00:00:00 +0530 Thu, 06 Aug 2009 16:56:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15457 The court held that the Assistant Director of Income-tax (ADI) lacked jurisdiction to order the encashment of Fixed Deposit Receipts (FDRs) under Section 132(1) of the Income-tax Act, 1961. The court directed the Income-tax Department to remit the encashed amount to the bank, instructed the bank to issue fresh FDRs to the petitioners, and allocated the financial burden of compliance to the bank officials responsible for the irregularities. The court emphasized that its directives would not impact the ongoing income-tax proceedings concerning the ownership of the FDRs and disposed of the writ petitions without costs. Case-Laws Income Tax Thu, 02 Dec 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15457