Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2011 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (10) TMI 648 - AT - Income TaxLevy of interest under sec. 234B and 234C without allowing credit of the amount of cash seized during the course of search - Held that:- When advance tax is to be payable by an assessee by virtue of the operation of Income-tax Act, 1961 and the department is already possessing money belonging to the assessee and assessee made a prayer for adjusting such amount against the advance tax payment or any tax required to be paid by the assessee then credit ought to be given because the department has deprived the assessee of his money by seizing the cash otherwise assessee would have paid the tax on 12.4.2006 and 12.09.2006. We allow the appeal of the assessee and direct the department to give credit of ₹ 60,40,000 to the assessee from the date, when assessee made application for treating the cash as payment of advance tax/fare while computing the interest chargeable under sec. 234B and 234C of the Incometax Act, 1961
|