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2010 (7) TMI 610 - HC - Income TaxSearch and Seizure - Advance Tax - Interest - The assessee is engaged in the business of trading of cloth and filed return for the assessment year 1994-95 on October 28, 1994, declaring an income of Rs. 30,38,920 - On April 29, 1994, a search was conducted at the residential as well as business premises and on search, the assessee surrendered certain amounts as additional income - The assessee made a request for adjusting the cash amount seized during search on May 30, 1994 - The said request of the assessee was not accepted by the Assessing Officer - As the search operation had taken place on April 29, 1994, i.e., after the closing of the financial year, interest u/s 234B and 234C was levied - Hence, the assessee is liable to pay interest u/s 234C of the Act in terms thereof and shall be entitled to benefit of payment out of the seized cash from the date of making application for adjustment of the seized cash towards tax liability - Thus, the substantial question of law is answered in favour of the Revenue.
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