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TMI Blog2018 (3) TMI 488X X X X Extracts X X X X X X X X Extracts X X X X ..... of the case and in law, the Tribunal is justified in deleting the addition of Rs. 2,06,31,230/to Assessee's net wealth by holding that the cash seized from the Assessee and kept in PD account of the Commissioner of Income Tax cannot be considered as 'cash-in-hand' in the hands of the Assessee for computation of his net wealth under Wealth Tax Act, 1957?" 3. The basic issue arising for our consideration as evident from the question is whether cash which has been seized during the search proceedings and deposited by the Commissioner of Income Tax in PD Account (Personal Deposit Account) in Bank for adjustment of tax liability, would be considered to be cash in hand on the valuation day for the purpose of wealth tax or it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anual it is clear that the same is relatable to cash seized and cash in bank is conceptually different from cash in hand. 17|: In Shanti Prasad Jain v. The Director of Enforcement [1963 (2) SCR 297] it was inter alia observed as follows: "Under the law the time relationship between a Banker and a customer is that of a debtor and creditor and that it makes no difference in that relationship that the deposits were conditional. Now the law is well-settled that when moneys are deposited in a Bank, the relationship that is constituted between the banker and the customer is one of the debtor and creditor and not trustee and beneficiary. The banker is entitled to use the monies without being called upon to account for such user, his only liabil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... omer if he puts it into jeopardy, if he engages in a hazardous speculation; he is not bound to keep it or deal with it as the property of the customer; but he is, of course, answerable for the amount because he has contracted, having received that money, to repay to the customer, when demanded, a sum equivalent to that paid into his hands. That has been the subject of discussion in various cases, and that has been established to be the relative situation of banker and customer. That being the banker is not an agent or factor, but he is a debtor." 5. Mr. Mohanty, learned Counsel appearing for the Revenue very fairly states that once it has held that amount deposited in a Bank in PD Account of the Commissioner of Income Tax, is not cash in h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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