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2012 (3) TMI 580 - AT - Income TaxAdjustment of seized cash against advance tax liability - Interest u/s.234B and 234C of advance tax - Held that:- Assessing Officer was obliged to adjust the seized cash against advance tax liability and, therefore, if any interest chargeable to section 234B and 234C on account of this amount of advance tax is liable to be deleted. The Assessing Officer while recomputing the chargeability of section 234B and 234C will take into consideration the seized cash of ₹ 90,31,000/- towards advance tax prior to 15.03.2009. Therefore, the appeal of the revenue has no merits.
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