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2015 (9) TMI 139 - HC - Income TaxInterest on adjustment of cash seized against advance tax liability - Held that:- Decided against the revenue in view of the judgment of Commissioner of Income Tax (Central), Ludhiana vs. Sh. Sandeep Jain and others [2014 (10) TMI 585 - PUNJAB & HARYANA HIGH COURT] . The assessee was entitled to have the cash seized adjusted against its advance tax dues. Whether the explanation to Section 132B was retrospective in operation has been answered in favour of the respondent by this judgment above. The Division Bench expressly held that the explanation is not retrospective in operation. Interest u/s 234C - shortfall in the installments of advance tax - Held that:- Assessee would be liable to pay interest under Section 234C upto the date of the letter dated 20.02.2008 addressed by it to the department requesting the adjustment of the amount seized against its liability. This issue is decided in favour of the appellant by the judgment of another Division Bench of this Court dated 22.07.2010 in the case of Commissioner of Income Tax vs. Arun Kapoor, (2010 (7) TMI 610 - Punjab and Haryana High Court) . The liability under Section 234C shall be computed in accordance with this judgment. - Decided in favour of revenue.
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