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2013 (12) TMI 1264 - AT - Income TaxInterest u/s 234B and 234C – A search and seizure operations u/s 132 were carried out at the premises on 13.03.2008 - Cash amounting to Rs. 3,86,11,000/- was seized - The appellant company requested the assessing officer to adjust the aforesaid amount of Rs. 3,86,11,000/- as advance tax paid by the appellant - Held that:- Following Commissioner of Income Tax vs K.K. Marketing [2005 (5) TMI 58 - DELHI High Court] - Seizure of cash belonging to the assessee firm could be adjusted against its advance tax liability since there is a request by the assessee to adjust the seized cash against the advance payment of tax – Following Commissioner of Income Tax vs Arun Kapoor [2010 (7) TMI 610 - Punjab and Haryana High Court] - On request for adjustment of advance tax liability against seized cash, the assessee is liable to pay interest u/s 234B and 234C - The assessee is also entitled to get benefit of payment of advance tax out of seized cash from the date of making application for adjustment of seized cash as advance tax towards tax liability – Decided against Revenue.
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