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2016 (3) TMI 1241 - AT - Income TaxUnaccounted cash receipts additions - Held that:- We reiterate that Shri Bhikubhai has not been able to prove himself as the authorized person to operate the locker in question on the date of search. His corresponding plea before the Settlement Commission has also not been considered (supra). We observe in these peculiar facts and circumstances that not only assessment of an income is of paramount importance in scrutiny proceedings, but also it is equally significant that the same has to be done in the hands of the right assessee. We hold that it is the assessee only who is the rightful owner of the cash seized from its bank locker hereinabove in absence of any exception being pointed out. We conclude that the unaccounted cash seized sum of ₹ 74 lacs belonged to the assessee only and the same deserves to be assessed in its hands as against that in Shri Bhikubhai’s case. We accept Revenue’s arguments seeking to revive Assessing Officer’s action. It is made clear that the assessing authority shall ensure that the same amount is not taxed twice. Treating the cash seized as advance tax - not granting any relief towards wrongly charging of interest u/s. 234A, 234B and 234C - Held that:- Revenue only submits that the assessee raised this issue only in its return and not before that. We find that both the lower authorities have rejected its plea seeking interest relief inter alia for want of any specific prayer being made at its behest. We reiterate that the Revenue does not point out any exception to decision in accepting identical relief in Kanishka Print Pvt. Ltd vs. ACIT [2013 (7) TMI 14 - ITAT AHMEDABAD] of interest therein so far credit of advance tax is concerned. The assessee has also not filed any evidence to prove that it had made any specific prayer before filing its return along with statement of income including ₹ 80 lacs seized in search as advance tax. We draw support from above stated judicial precedent and hold the assessee is entitled for claiming the impugned credit relief w.e.f. date of filing return only.
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