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2013 (12) TMI 998 - AT - Income TaxMistake apparent from record – Held that:- There was a seizure of ₹ 1.65 crores at the time of search and there was subsequent payment of ₹ 31 lakhs. These two amounts have been completely blacked out and interest was levied without giving any prior credit to the above amounts - This is a clear mistake apparent from the records liable for rectification – Following Pranoy Roy And Another v. CIT [2008 (9) TMI 150 - SUPREME COURT] - While computing interest both under sections 234A and 234B, prepaid amounts of ₹ 1.65 crores and ₹ 31 lakhs need to be given credit and the interest can be calculated only after giving credit to these amounts and reducing the same from the advance tax liability and tax liability respectively – Following CIT vs. K.K.Marketing [2005 (5) TMI 58 - DELHI High Court] - The advance tax payable should be adjusted from the amount lying with the department in the assessee’s own account when the assessee has given in writing to the department to meet the advance tax liability from such amount withheld by the department – Decided in favour of assessee.
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