TMI Blog2003 (7) TMI 26X X X X Extracts X X X X X X X X Extracts X X X X ..... as receiver to keep the sums being Rs. 9,00,000 and Rs. 2,19,094.11 in safe custody and would not part and deliver the same. – Held that the petitioner is entitled to interest along with the refund of the sum lying with the branch manager of the concerned bank as a receiver appointed by this court – further, petitioner is entitled to interest on the accrued sum at the rate which will be applicable ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... "Accordingly, the Commissioner of Income-tax (Appeals) held that the various bank accounts standing in the names of relatives of the late Nandlal Sultania could not be treated as benami case of the assessee on the basis of the statement of Shri Rajhayakyam Marodia. Accordingly, he deleted the entire addition in this respect." Accordingly, the writ petition was treated to be intructuous and the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n proceeding was involved) as it is for the period prior to the arbitrator entering upon the reference. This is the principle of section 34 of the Civil Procedure Code and there is no reason or principle to hold otherwise in the case of arbitrator. Although it is not very pertinent to go into the controversy whether section 34 of the Code of Civil Procedure will be applicable herein or whether any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns failing which the court will have no other alternative but to proceed even in the absence of the bank. In spite of such service and filing affidavit of service, the bank did not choose to appear before this court. Therefore, I have no hesitation to hold that the petitioner is entitled to interest on the accrued sum at the rate which will be applicable for the nationalised bank for the relevant ..... X X X X Extracts X X X X X X X X Extracts X X X X
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