2016 (5) TMI 1407 - SCH - Income Tax

Interest on adjustment of cash seized against advance tax liability - Held that - The Special Leave Petition is dismissed. HC has held that 2015 (9) TMI 139 - PUNJAB & HARYANA HIGH COURT the assessee was entitled to have the cash seized adjusted against its advance tax dues. 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.

Summary

The Supreme Court dismissed the Special Leave Petition after condoning the delay. Any interlocutory applications will be disposed of accordingly. (2016 (5) TMI 1407 - SC Order)