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2021 (9) TMI 180 - AT - Income TaxDetermination of interest u/s 234A, 234B and 234C - Adjustment of advance tax liability with the seized cash - HELD THAT:- Our adjudication to the same goes in assessee's favour and against the department. This is for the reason that Section 132(B)(1)(i) itself includes "the amount of liability determined on completion of the assessment u/s. 153A and the assessment of the year relevant to the previous year in which search is initiated or requested is made or interest payable in connection with such assessment". That being the statutory position, we hold that the clinching statutory expression "advance tax" (supra) in Explanation-II thereof does not deemed to have included any interest which is already treated as allowable in sub-section (1)(i) herein above. We therefore find no merit in the Revenue's sole substantive grievance going by the principles of stricter interpretation as per hon'ble apex court's recent landmark judgment in Commissioner of Customs Vs. Dilip Kumar [2018 (7) TMI 1826 - SUPREME COURT]. Penalty u/s 271AAB - non specification of charge - HELD THAT:- Assessing Officer's penalty order nowhere specified as to whether the alleged undisclosed income satisfied that the corresponding statutory parameters prescribed in Section 271AAB, Explanation (C)(i)(A) & (B) and (ii) "not been recorded or before the date of search in the books of accounts or other documents maintained in the normal course relating to such previous year or otherwise not disclosed before the specified authority (ies) or it had surfaced, either wholly or partly in respect of expense recorded " We therefore find no reason to sustain the impugned Section 271AAB penalty. - Decided in favour of assessee.
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