“4. The above ratio was rendered on account of facts of that case where the ITO found that for the assessment years 1982-83 and 1983-84, the assessee had transferred an amount of Rs.17,381 to the Profit & Loss Account of the Company during the accounting period ended on March 31, 1982 (assessment year 1982-83) and an amount of Rs.38,975/- during the accounting period ended on March 31, 1983 (assessment year 1983-84). But these amounts were not included in the total income of the assessee. The sums were stated to be credit balances standing in favour of the customers of the company. Since these balances were not claimed by the customers, the amounts were transferred by the assessee to the Profit & Loss Account. The ITO was of the view that because the surplus had arisen as a result of trade transactions, the amount had the character of income and had to be added as income of the assessee for the purpose of income-tax assessment. The additions were deleted by the ld.CIT(A) and this was upheld by the Tribunal. But the facts of this case are different because in banking business, RBI guidelines are to be followed and that by, simplicitor, efflux of time, say beyond 3 years, ordinary limitation would not apply as the assessee has been showing cumulative total liability at the relevant period. In this case, after detailing period total outstanding amount has been shown in the Annexure attached to the assessment order. Actually, items are coming in and going out of this account every now and then throughout the year, and it is treated like a current account operated upon regularly doing in the course of business. Given the nature of transactions, the encashment of drafts after revalidation thereof, is a regular feature. Rather the common-sense demands that such drafts cannot be treated as unclaimable because time-barred, given the nature of banking transactions. Drafts issued, becoming stale is not an uncommon factor rather it is a usual and common feature in all banks. Unless the draft amount becomes, in fact, unclaimable which can be by virtue of multifarious facts available and not by guess work, this cannot be treated as bank's income. There is no such law which can convert such a liability into the income/asset of the assessee-bank after the lapse of particular time lag. The decision of the Hon'ble Supreme Court (cited supra) is, otherwise helpful to the claim of the assessee. The Assessing Officer has
