TaxTMI 
TaxTMI 
TaxTMI 
1982 (4) TMI 298
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.... 1980 has been preferred and the same has been admitted to hearing. In the said appeal on the Civil Application an interim stay was granted on condition that the appellants deposit the entire amount awarded by the Claims Tribunal in the Tribunal within four weeks from the said order. We were told by Mr. N.S. Desai, the learned Advocate appearing for the original claimants, that pursuant to the said order the amount of Rupees 14,000/- together with interest and proportionate cost has been deposited in the Claims Tribunal. He, therefore, by this Civil Application moved on behalf of the original claimants seeks leave to withdraw the said amount deposited in the Claims Tribunal. 2. In this Civil Application, it is stated that the applicants or....
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.... intact. 3. We are distressed to note that Claims Tribunals do not realise that it is not sufficient to award compensation to the victim of the accident or his legal representatives, as the case may be, but it is also its duty to ensure that the amount awarded is not frittered away. It must be remembered that lump sum compensation is paid to the claimants who are either the victims of the accident or their legal representatives by applying an appropriate multiplier with a view to providing for his or their future. In other words, instead of spreading out the amount of compensation over a number of years having regard to the estimated future life span, as a measure of convenience, lump sum payment is ordered. If the whole or substantial par....
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....he amount awarded to them. We think that if this fact is borne in mind by the Claims Tribunals the claimants will be placed in happier situation because they will receive a steady income on their investment with the corpus remaining intact. 4. We are, therefore, of the opinion that in the instant case also instead directing the Claims Tribunal to pay amount deposited for payment to the applicants, the Claims Tribunal may be directed to invest the entire amount of Rs. 14,000/- together with interest in a long term fixed deposit of not less than 61 months in any Scheduled Bank with the arrangement that interest on the said deposit should be paid directly by the Bank every month to the applicants. The Claims Tribunal will be at liberty to mak....
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....invested in long term fixed deposits at least till the date of the minor attaining majority. The expenses incurred by the guardian or next friend may however be allowed to be withdrawn; (ii) In the case of illiterate claimants also the Claims Tribunal should follow the procedure set out in (i) above, but if lump sum payment is required for effecting purchases of any moveable or Immovable property, such as, agricultural implements, rickshaws, etc., to earn a living, the Tribunal may consider such a request after making sure that the amount is actually spent for the purpose and the demand is not a rush to withdraw money; (iii) In the case of semi-literate persons the Tribunal should ordinarily resort to the procedure set out at (i) above ....