https://www.taxtmi.com/caselaws?id=172211 Section 46(5A) recovery applies only where a third party is a debtor to the assessee or holds identifiable money for the assessee. An overdraft facility in continuous debit does not create such a debt merely because a credit limit exists, and the bank cannot be treated as holding money for the customer in those circumstances. The provision cannot be used to freeze the unused overdraft limit or to compel payment of the difference between the sanctioned limit and the amount drawn. The notice and consequential direction were therefore beyond the scope of the provision and were quashed, while the Department remained free to recover the arrears by lawful means. en-us Mon, 14 Oct 1957 00:00:00 +0530 Fri, 14 Aug 2015 15:01:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=172211 Section 46(5A) recovery applies only where a third party is a debtor to the assessee or holds identifiable money for the assessee. An overdraft facility in continuous debit does not create such a debt merely because a credit limit exists, and the bank cannot be treated as holding money for the customer in those circumstances. The provision cannot be used to freeze the unused overdraft limit or to compel payment of the difference between the sanctioned limit and the amount drawn. The notice and consequential direction were therefore beyond the scope of the provision and were quashed, while the Department remained free to recover the arrears by lawful means. Case-Laws Income Tax Mon, 14 Oct 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=172211