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2014 (10) TMI 585 - HC - Income TaxValidity of rectification order – Amount seized u/s 132 - Advance tax constitutes the existing liability as per specific provision of Section 132B or not – Held that:- The Tribunal has answered the question of chargeability of interest, against the revenue by relying upon Commissioner of Income-tax Versus Ashok Kumar [2010 (9) TMI 771 - Punjab and Haryana High Court] – the assessee is entitled to adjustment of seized amount towards advance tax liability from the date of making the application in that regard - The Tribunal has rightly held that the assessee was entitled to adjustment of the amount and no interest could be charged on that basis - Therefore, no fault could be found with the approach adopted by the Tribunal – Decided against revenue.
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