Myself Raj Kumar Mahato, current posted as branch manager in a bank branch. I have received an attachment letter from Income tax office. After two months from that order received a letter ordering to pay any money due to him. I complied. But after 8 months from then he has closed an loan account which was against his LIC policies. Should I surrender those policies to him because the loan account has already been closed.
Please reply
Dear Sir,
Yes you can surrender the policies. Anyways, under section 226, the income-tax department can only ask you for attachment/recovery of "money/ balance in bank account".
Further, since there is no fresh attachment/recovery notice after you complied with the first notice, you can, without any hesitation, surrender those policies to him.
Best regards,
CA Yogesh Malpani
I didn't understand your query.
I would recommend you to book a phone consultation to discuss the same in detail
Sir, I received a letter on 10/12/2020//19 from Income tax office ordering me to provisionally attach bank accounts along with other investments vide 281B (1) of IT act 1961.I compliee and attach his accounts which are due from us to him. Then, again on 21/02/2020 i received a second letter ordering me to pay any money due from us to him. I complied and sent a DD after closing his 2 accounts. Now my question is, he has a loan account maintaining with our branch against 3 LIC policies which are assigned to our branch. If he repays full debt to that account, should I surrender/ give those policies to him directly after successfully closing that loan account??? Please reply, I m big confusion.
As far as loan a/c concern banker first to adjust it from other balance if then arise any balance can pay to ITD