2018 (3) TMI 488

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....of the case and in law, the Tribunal is justified in deleting the addition of Rs. 2,06,31,230/to Assessee's net wealth by holding that the cash seized from the Assessee and kept in PD account of the Commissioner of Income Tax cannot be considered as 'cash-in-hand' in the hands of the Assessee for computation of his net wealth under Wealth Tax Act, 1957?"   3. The basic issue arising for our consideration as evident from the question is whether cash which has been seized during the search proceedings and deposited by the Commissioner of Income Tax in PD Account (Personal Deposit Account) in Bank for adjustment of tax liability, would be considered to be cash in hand on the valuation day for the purpose of wealth tax or it w....

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....nual it is clear that the same is relatable to cash seized and cash in bank is conceptually different from cash in hand. 17|: In Shanti Prasad Jain v. The Director of Enforcement [1963 (2) SCR 297] it was inter alia observed as follows: "Under the law the time relationship between a Banker and a customer is that of a debtor and creditor and that it makes no difference in that relationship that the deposits were conditional. Now the law is well-settled that when moneys are deposited in a Bank, the relationship that is constituted between the banker and the customer is one of the debtor and creditor and not trustee and beneficiary. The banker is entitled to use the monies without being called upon to account for such user, his only liabili....