9911796707
TMI Blog2018 (3) TMI 488X X X X Extracts X X X X X X X X Extracts X X X X ..... oes not give rise to any substantial question of law. - Wealth Tax Appeal No. 570 of 2015 - - - Dated:- 21-2-2018 - M.S. SANKLECHA RIYAZ I. CHAGLA, JJ. Mr. N. C. Mohanty, for the Appellant. Mr. Sameer Dalal, for the Respondent. P.C: This Appeal under Section 27A of the Wealth Tax Act, 1957 (the Act), challenges the order dated 25th August, 2014 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order dated 25th August, 2014 is in respect of Assessment Year 2010-11. 2. The Revenue urges the following question of law for our consideration: Whether on the facts and in the circumstances of the case and in law, the Tribunal is justified in deleting the addition of ₹ 2,06,31,230/to Asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bank even when deposited in PD Account of the Commissioner of Income Tax. In KCC Software Ltd., (supra), the Apex Court, after making a reference to the Search and Seizure manual of the Revenue and in particular, to Chapter V therein which dealt with post search work and examining the same, concluded that on the bare reading of the manual, it was clear that the cash put in bank as PD Account is conceptually different from cash in hand. In fact, Apex Court placed reliance upon its earlier decisions to reach the above conclusion. We fruitfully, reproduce paragraphs 16 to 18 therefrom on the above aspect, as under: 16: On a bare reading of the Manual it is clear that the same is relatable to cash seized and cash in bank is conceptu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder: Money, when paid into a bank, ceases altogether to be the money of the owner, it is then the money of the banker, who is bound to return an equivalent by paying a similar sum to that deposited with him when he is asked for it. The money paid into the bankers, is money known by the customer to be placed there for the purpose of being under the control of the banker; it is then the banker's money; he is known to deal with as his own; he makes what profit on it he can, which profit he retains to himself, paying back only the principal, according to the custom of bankers in some places, or the guilty of no breach of trust in employing it, he is not answerable to the customer if he puts it into jeopardy, if he engages in a hazard ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
