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2012 (10) TMI 324 - KARNATAKA HIGH COURTUnaccounted capital gains on sale of the plots - search - Instruction issued by Board dated 09.02.2001 that the tax effect does not exceed the monetary limit is prospective or retrospective? - Held that:- considering Clause 11 of the instruction No.3/11 dated 09.02.2011 issued by the Board, specifically says that it will be applicable to the cases filed on or after 9.2.2011, the courts holding that it is applicable to the pending cases is against the provision under Section 268A. Therefore upholding the contention of the revenue that the Instruction No.3 dated 09.02.2011 has no retrospective effect and issue decided in favour of the Revenue. Credit of Rs. 10,00,000/- to Smt.Sumangala Devi, assessee, seized from late B.B.Swamy,close associate which was also adjusted against the tax liability of B B Swamy - Held that:- The money seized was already adjusted towards tax liability of Sri. B.B.Swamy and there is no material on record to show that the money seized in the hands of B.B.Swamy belongs to the assessee. Further, there is no finding by the First Appellate authority that the money seized in the hands of Sri. B.B.Swamy belongs to the Assessee and under such circumstances the direction issued by the CIT(Appeals) to give credit to the assessee to the extent of Rs. 10,00,000/- which was seized from late Sri.B.B.Swamy is not sustainable in law - in favour of the Revenue.
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