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2014 (11) TMI 977 - AT - Income TaxLevy of interest under section 234B - Provisions of section 132B of the Income-tax Act seized cash - Held that:- Any infirmity in the order of the learned Commissioner of Income-tax (Appeals) in directing the Assessing Officer to reduce the interest under section 234B of the Income-tax Act. It is not in dispute that the assessee made a request for adjustment of cash so seized towards advance tax instalments. The issue is now settled by the hon'ble Punjab and Haryana High Court in favour of the assessee in the case of Arun Kapoor (2010 (7) TMI 610 - Punjab and Haryana High Court). Merely because the special leave petition of the Department is pending before the hon'ble Supreme Court, is no ground to show disregard to the judgment of the hon'ble High Court. The authorities below are bound to follow the decision of the hon'ble High Court. Accordingly, there is no infirmity in the order of the learned Commissioner of Income-tax (Appeals) in deciding the issue in favour of the assessee by following the judgment of the hon'ble jurisdictional High Court - Decided against Revenue.
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