https://www.taxtmi.com/caselaws?id=15528 The court upheld the validity of notices issued under section 226(3) of the IT Act, stating that the Income Tax Officer has the power to recover outstanding dues. The petitioner bank was found obligated to make payment of fixed deposits before maturity, as it is in a debtor-creditor relationship with the assessee. The term "due" was interpreted broadly in garnishee proceedings, allowing attachment of amounts payable in the future. The court affirmed the IT authorities' jurisdiction to attach fixed deposits, emphasizing the importance of the debtor-creditor relationship. The petitions were disposed of with these findings, ordering the fixed deposit receipts to remain attached pending further proceedings. en-us Mon, 02 Aug 1999 00:00:00 +0530 Tue, 25 Aug 2009 17:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15528 The court upheld the validity of notices issued under section 226(3) of the IT Act, stating that the Income Tax Officer has the power to recover outstanding dues. The petitioner bank was found obligated to make payment of fixed deposits before maturity, as it is in a debtor-creditor relationship with the assessee. The term "due" was interpreted broadly in garnishee proceedings, allowing attachment of amounts payable in the future. The court affirmed the IT authorities' jurisdiction to attach fixed deposits, emphasizing the importance of the debtor-creditor relationship. The petitions were disposed of with these findings, ordering the fixed deposit receipts to remain attached pending further proceedings. Case-Laws Income Tax Mon, 02 Aug 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15528