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2013 (7) TMI 14 - AT - Income TaxSeizure of cash in the course of search proceedings - Assessee submitted that out of the total cash seized, ₹ 10 lacs be treated towards payment of advance tax in the case of assessee and similarly balance of ₹ 33 lacs be treated towards payment of advance tax in case of family members/group companies - rejection of rectification application u/s 154 - charging interest u/s 234B and 234C - Held that:- It is an undisputed fact that during the course of search at the residence of directors on 8.2.2007 and locker on 7.3.2007 aggregate cash of ₹ 43 lacs was seized. It is also an undisputed fact that Assessee vide his letter dated 13.3.2007 submitted that out of the cash seized, ₹ 10 lacs be treated towards payment of advance tax in the case of assessee and similarly balance of ₹ 33 lacs be treated towards payment of advance tax in case of family members/group companies. It is also a fact that vide aforesaid letter, the Assessee had requested that cash of ₹ 8 lacs be considered as advance tax in the case of Shreeji Prints P. Ltd. [2013 (7) TMI 19 - ITAT AHMEDABAD]. Thus on interpretation of applicability of explanation, and amendment made by Finance Bill 2013 the amended Explanation cannot be applied in present case. Therefore allow the appeal of the Assessee and direct the AO to give credit of ₹ 10 lacs as advance tax. Thus the appeal of the Assessee is allowed.
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