2002 (1) TMI 10

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....inder and supplementary affidavits. This petition is at the instance of two petitioners who are the joint depositors of respondent No. 4-bank, viz., Development Credit Bank Ltd., Mumbai. The petitioners had jointly deposited a sum of Rs. 3,00,000 in fixed deposit with respondent No. 4 in R. I. C. scheme. In lieu thereof, they were holding FDR No. 019464 issued on July 26, 1979. After the maturi....

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....ies under section 132 of the Income-tax Act, a number of fixed deposit receipts were seized by the income-tax authorities and during the course of the assessment proceedings, respondent No. 4-bank was called upon to prove and/or to establish the genuineness thereof. It appears that during the pendency of the assessment proceedings, respondent No. 4-bank had called upon the petitioners to furnish t....

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....hallenging the said order of the Assessing Officer is pending before the Commissioner of Income-tax (Appeals), Mumbai, for final adjudication. The petitioners, in the above facts and circumstances, could not get the proceeds of their fixed deposit receipt from respondent No. 4-bank. The petitioners, left with no other alternative, have filed this petition seeking to demand the proceeds of the f....

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.... order of the Assessing Officer is concerned. Having heard the parties and having seen the material facts and particulars placed before us we are satisfied that the direction needs to be issued to respondent No. 5 to examine and scrutinise the genuineness of the FDR, alleged to be belonging to the petitioners. If respondent No. 5 is satisfied that the petitioners are the persons holding FDR and....