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2012 (9) TMI 72 - HC - Income TaxLevy of interest u/s 234B - held that:- when the quantum assessment itself was remanded particularly with reference to the expenditure vis-a-vis unaccounted money, the liability to pay the interest has to await the assessment to be computed in terms of the directions of the Tribunal. Merely because the cash found at the time of search was of Rs.26 lakhs only the same would not per se justify the contention of the assessee that the seized materials could not form the basis of the assessment treating the cash payment of the transaction at Rs.84.50 lakhs - The fact that the Revenue recovered Rs.25.80 lakhs at the time of search and they had received 50% of the cash payment alone would not discredit what had been noted in the seized materials noting on the cash payment of the transaction - as the quantum assessment itself was remanded particularly with reference to the expenditure vis-a-vis unaccounted money, the liability to pay the interest has to await the assessment to be computed in terms of the directions of the Tribunal - against assessee.
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