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2005 (4) TMI 25 - HC - Income TaxAdvance tax - AO detected the mistake and initiated the rectification proceedings under section 154 in respect of the interest charged under section 217 as, according to him, the advance tax payment was wrongly taken at Rs. 92,000 as cash amount of Rs. 75,000 seized at the time of the search cannot be considered as advance tax payment - In the present case, as the previous year of the applicant ended on Diwali, 1976, which is much before the 31st December, the instalment of advance tax was payable on 15th June, 15th September and 15th December of the relevant previous year. Thus, any amount which has been seized after the close of the financial year cannot be, by any stretch of imagination, treated as payment towards advance tax even if it has been adjusted by the Department towards the tax liability. Thus, the order passed by the assessing authority under section 154 was justified
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