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2016 (11) TMI 1401 - HC - Income TaxInterest charged - department not responding to the assessee’s request for adjustment of cash seized against self assessment tax constituting the existing liability as per specific provisions u/s 132B - Held that:- The judgement of a Division Bench of this Court in Commissioner of Income Tax (Central), Ludhiana Vs Sh. Sandeep Jain and others [2014 (10) TMI 585 - PUNJAB & HARYANA HIGH COURT] covers the case in favour of the assessee. It was held that Explanation 2 to Section 132B of the Income Tax Act, 1961 is prospective in nature w.e.f. 01.06.2013. The present appeal is in respect of the assessment year 2008-2009. In view of the said judgement, Explanation 2 would not be applicable to the assessee’s case. - Decided in favour of assessee.
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