Union Of India And Anr vs Deoki Nandan Aggarwal on 4 September, 1991
In our considered opinion, the judgment of the
Honourable Supreme Court in the case of Union of India
Vs. Deoki Nandan, reported in AIR 1992 SC 96 relied upon
by the learned Single Judge in his judgment has no
application to the facts of this case. When the judgment
of another learned Single Judge of this Court in PPF
matter is confirmed by the Division Bench, then in our
considered opinion, the same was binding to the learned
Single Judge. Merely because the Rules are different,
that would not be a ground for discarding the said
judgment. The principle remains the same. In the matter
of Special Civil Application No.12508 of 2000 almost the
same question was there regarding irregularity committed
while opening PPF Account. Here, in the instant case,
there was irregularity committed by the appellant
petitioner society in purchasing Kisan Vikas Patra. If
the interest was allowed by the learned Single Judge of
this Court in PPF matter, then we are of the considered
opinion that on the same line, the appellant petitioner
society was entitled to have interest on Kisan Vikas
Patra purchased by it from the respondent authority
because the appellant petitioner society was bonafide
purchaser of Kisan Vikas Patra and for no fault of it, it
cannot be penalised by withholding interest for a period
of 5 and 1/2 years of Kisan Vikas Patra purchased by it
way back in March 1997.??