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2013 (7) TMI 108 - AT - Income TaxMoney seized during the search operation - whether be treated as advance tax from the date of its seizure - levy of interest u/s 234B - Held that:- If the assessee has declared income during the year under consideration in that eventuality he is liable to pay advance tax as per law therefore the Assessing Officer is required to find out whether such liability was existing on the date of seizure. If such liability is existing then he is empowered to apply/adjust the money seized in discharge of the existing liability even without any written representation from the assessee. The issue whether the seized money should be applied towards advance tax liability of assessee and credit should be given credit there from the date of seizure of money has been decided in favour of the assessee by the decision Shri Ram S Sarda v. DCIT [2011 (12) TMI 146 - ITAT RAJKOT]. - Decided against the revenue.
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