STANDARD CHARTERED BANK vs ASSISTANT COMMISSIONER OF INCOME TAX

The Supreme Court upheld the Special Court's decision to deny the appellant-Bank access to funds held by the custodian pending the final adjudication of an Income Tax Appeal before the CIT (A), Central V, Mumbai. The Court emphasized the importance of concluding arguments by the heirs and legal representatives of HSM within four months without seeking adjournments. The Court directed the CIT (A) to finalize the appeal within six months and allowed the current CIT (A) to remain in position during this period to avoid delays in the proceedings.