As the Tribunal has pointed out, it is fairly well settled that when moneys are deposited in a bank, the relationship that is constituted between the banker and the customer is one of debtor and creditor and not of trustee and beneficiary. Applying this principle, the pass book supplied by the bank to its constituent is only a copy of the constituent's account in the books maintained by the bank. It is not as if the pass book is maintained by the bank as the agent of the constituent, nor can it be said that the pass book is maintained by the bank under the instructions of the constituent. In view of this, the Tribunal was, with respect, justified in holding that the pass book supplied by the bank to the assessee in the present case could not be regarded as a book of the assessee, that is, a book maintained by the assessee or under his instructions. In our view, the Tribunal was justified in the conclusions at which it arrived. {Para 5}
IN THE HIGH COURT OF BOMBAY
Income-tax Reference No. 16 of 1973
Assessment Year: 1962-1963
Decided On: 12.02.1982
Commissioner of Income Tax, Poona Vs. Bhaichand H. Gandhi
Hon'ble Judges/Coram:
M.H. Kania and M.N. Chandurkar, JJ.
Author: M.H. Kania, J.
Citation: (1983) 141 ITR 67,1982 SCCINLINEBOM 320
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