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2012 (7) TMI 457 - AT - Income TaxAdjustment of cash seized during the search - while filing return in compliance to the notice issued u/s 153A, the assessee has computed his income tax liability by taking credit of the cash seized in course of search and seizure operation - AO has accepted the income declared in return filed u/s 153A of the Act, but has not adjusted the cash seized towards the tax liability - nothing on record to show that there is any other existing liability excepting the income tax liability - Held that:- Assessee is entitled to adjustment of seized cash against his income-tax liability - AO to re-compute the tax liability - after adjusting the seized cash from the date of request made by the assessee and thereafter consider charging interest u/ss 234A, 234B and 234C in case there is still any default in discharging the tax liability – In favor of assessee
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