https://www.taxtmi.com/caselaws?id=8433 Section 46(5A) operates as a garnishee provision that restrains a person holding money belonging to an assessee in default from dealing with it contrary to the notice. A credit standing in a deceased partner's name remained his asset on death, and a later arrangement among heirs and surviving partners could not change the character of that fund or defeat recovery of tax arrears. A firm in control of such money and allowing withdrawals despite notice is bound to comply with the statutory demand, and the revenue's proceedings against it remain valid and within jurisdiction. en-us Fri, 08 Oct 1971 00:00:00 +0530 Wed, 15 Apr 2009 11:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8433 Section 46(5A) operates as a garnishee provision that restrains a person holding money belonging to an assessee in default from dealing with it contrary to the notice. A credit standing in a deceased partner's name remained his asset on death, and a later arrangement among heirs and surviving partners could not change the character of that fund or defeat recovery of tax arrears. A firm in control of such money and allowing withdrawals despite notice is bound to comply with the statutory demand, and the revenue's proceedings against it remain valid and within jurisdiction. Case-Laws Income Tax Fri, 08 Oct 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8433