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2017 (4) TMI 1104 - HC - Income TaxPenalty under Section 271AAA - non payment of taxes on surrendered income under Section 132(4) - Seized cash of the assessee was adjusted against the regular taxes and interest payable - Held that:- This issue has already been decided by this Court against the revenue in Commissioner of Income Tax Vs. Ashok Kumar [2010 (9) TMI 771 - Punjab and Haryana High Court ] held that 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 said amount and no interest could be charged on that basis Also see Commissioner of Income Tax (Central), Ludhiana Vs. M/s Cosmos Builders and Promoters Limited [2015 (9) TMI 139 - PUNJAB & HARYANA HIGH COURT ] wherein held that the assessee was entitled to have the cash seized adjusted against its advance tax dues.
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