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TMI Blog1986 (4) TMI 337X X X X Extracts X X X X X X X X Extracts X X X X ..... e. In that notice the bank was informed that Nunna Venkata Krishnayya is due in Rs. 19,800 to the Sales Tax Department. If any amount is lying in deposit to the credit of Krishnayya such amounts be remitted to the department. On that date Rs. 396.63 was in deposit. The bank promptly paid the amount to the Sales Tax Department. Krishnayya deposited by a demand draft Rs. 12,800 on January 1, 1980. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1967] 65 ITR 620 (SC); AIR 1967 SC 1547. In that case section 46(5A) of the Indian Income-tax Act, 1922, was interpreted at para 4 (page 1549 of AIR; 623 of ITR) which reads: "The learned counsel for the appellant contends that section 46(5A) applies in four sets of circumstances: (1) when money is due from a person to the assessee; (2) when money may become due to the assessee; (3) wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tax Officer gets information and which could reasonably lead to recovery of arrears. Theoretically, it would be possible for an assessee to enter into relationship with almost anybody, say. in the town in which he resides. We can hardly imagine that it was expected that the Income-tax Officer would issue notices to all the residents of a locality or a town to pay money in case they begin to hold o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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