https://www.taxtmi.com/caselaws?id=20330 An irrevocable power of attorney executed to secure a bank and authorising receipt and appropriation of identified contract monies can operate as an equitable assignment of an actionable claim, including future sums as they accrue. On that footing, the contractor divests the beneficial interest in the relevant fund in favour of the bank, so the revenue cannot treat those amounts as attachable assets of the contractor. Section 226(3) garnishee-style notices issued against the contract debtors were therefore unsustainable because the money was already subject to the bank's prior equitable interest. en-us Wed, 22 Dec 1993 00:00:00 +0530 Fri, 13 Nov 2009 13:08:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20330 An irrevocable power of attorney executed to secure a bank and authorising receipt and appropriation of identified contract monies can operate as an equitable assignment of an actionable claim, including future sums as they accrue. On that footing, the contractor divests the beneficial interest in the relevant fund in favour of the bank, so the revenue cannot treat those amounts as attachable assets of the contractor. Section 226(3) garnishee-style notices issued against the contract debtors were therefore unsustainable because the money was already subject to the bank's prior equitable interest. Case-Laws Income Tax Wed, 22 Dec 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20330