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2015 (9) TMI 1167 - AT - Income TaxAdjustment of seized cash towards advance tax liability - Held that:- Judicial view on Revenue Department's liability towards amount received by it from the tax payer. Revenue cannot keep the assessee's money with itself and claim that it has no liability or less liability towards the assessee by way of an Explanation inserted to negate the effect of judicial decisions without removing the statutory basis of the decisions. Explanation to section 132B, will act prospectively, Hence, the reliance by the learned D.R. on the insertion of this Explanation to section 132B cannot help the case of the Revenue as the Explanation has been inserted much after the conclusion of the assessment year under consideration. On the basis of above discussion and precedent, we hold that there is no infirmity in the order of learned CIT(Appeals) allowing adjustment of cash seized during search towards advance tax liability. - Decided against revenue.
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