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2018 (4) TMI 1624 - AT - Income TaxUnexplained cash credit u/s 68 - cash credit for the previous year shown in the assessee's bank pass book issued to him by the bank but not shown in the cash book maintained by him - Held that:- As decided in COMMISSIONER OF INCOME-TAX, POONA VERSUS BHAICHAND H. GANDHI [1982 (2) TMI 28 - BOMBAY HIGH COURT] it is fairly well settled that when moneys are deposited in a bank, the relationship that is constituted between the banker and the customer is one of debtor and creditor and not of trustee and beneficiary. Applying this principle, the pass book supplied by the bank to its constituent is only a copy of the constituent's account in the books maintained by the bank. It is not as if the pass book is maintained by the bank as the agent of the constituent, nor can it be said that the pass book is maintained by the bank under the instructions of the constituent. In view of this, the Tribunal was, with respect, justified in holding that the pass book supplied by the bank to the assessee in the present case could not be regarded as a book of the assessee, that is, a book maintained by the assessee or under his instructions - decided in favour of assessee.
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