The Royal Bank Of Scotland Plc vs Axis Bank Ltd. & Ors.
Whether provisional attachment under s. 281B of Income-tax Act, 1961 of Letters of Credit (LCs) opened by Indian bank (Axis Bank) in favour of foreign company (FOWC) to secure tax liability is valid --- Held Yes; Whether Indian bank (Axis Bank) can be restrained from reimbursing foreign confirming banks (RBS, Lloyds) under LCs despite attachment --- Held No, but FOWC directed to deposit equivalent amount to secure tax liability.
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