TMI Blog2016 (11) TMI 1401X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he case, the Tribunal order is unsustainable, as no interest could be charged in the event of 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 of the Income Tax Act, 1961? II. Whether under the facts circumstances of the case, the Tribunal order is unsustainab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed 29.09.2014 in ITA-261-2014 titled as Commissioner of Income Tax (Central), Ludhiana Vs Sh. Sandeep Jain and others 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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