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2013 (12) TMI 1110 - AT - Income TaxRectification of mistake – Held that:- If the concerned person/assessee makes an application during the course of assessment proceedings to adjust the remaining amount towards his future liability, the Assessing Officer after passing of 120 days from the last date of execution of search and seizure operation is liable, either to return the remaining amount to the assessee/concerned person and or to adjust the same towards his future liability if a specific request has been made by the assessee in this respect - If the amount remains with the Assessing Officer/tax authority after 120 days then the Central Government is liable to pay interest @ one half percent per month on the remaining amount - No automatic duty or liability has been prescribed under section 132B to adjust cash seized towards future liability of the assessee – Appeal is partly allowed in favour of assessee for reworking of interest liability.
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