https://www.taxtmi.com/caselaws?id=6647 Where a bank purchases or discounts hundis and railway receipts, gives immediate credit to the customer, and later realises the amounts on its own behalf, the bank acts as holder for value rather than a mere collecting agent. On the facts found, the Tribunal's finding that the bank had purchased or discounted the documents and collected the proceeds for itself was ative and had to be accepted. Because receipt by the bank in the taxable territory was not receipt by the assessee in that territory, the sale proceeds of cloth were not treated as received by the assessee in British India. en-us Thu, 28 Apr 1966 00:00:00 +0530 Sat, 31 Jan 2009 12:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6647 Where a bank purchases or discounts hundis and railway receipts, gives immediate credit to the customer, and later realises the amounts on its own behalf, the bank acts as holder for value rather than a mere collecting agent. On the facts found, the Tribunal's finding that the bank had purchased or discounted the documents and collected the proceeds for itself was ative and had to be accepted. Because receipt by the bank in the taxable territory was not receipt by the assessee in that territory, the sale proceeds of cloth were not treated as received by the assessee in British India. Case-Laws Income Tax Thu, 28 Apr 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6647