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2016 (5) TMI 1363 - AT - Income TaxInterest levied u/s 234B and 234C - whether seized asset shall be adjusted against any “existing liability”? - Held that:- We note that the assessee has made a specific request to adjust the cash seized towards advance tax liability prior to the due date of payment of advance tax liability. Therefore, we are of the opinion that the Revenue was under obligation to accede to the request and appropriate the cash seized against the advance tax liability. The cash seized and available at the disposal of the revenue was sufficient to cover the advance tax liability for the assessment year under consideration, therefore, no interest under section 234B & 234C could be charged. We also find that the issue is no longer res-integra. We find that the identical issue has been decided in the favour of the assessee in the case of Kesr Kimam Karyalaya (2005 (5) TMI 58 - DELHI High Court). Respectfully following the judicial precedents on the issue noted above, we find no infirmity in the order of CIT(A). - Decided against revenue.
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