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2020 (5) TMI 252 - AT - Income TaxLevy of interest - Cash amount seized during the search operation adjusted against tax/advance tax payable by assessee, with effect from 05.09.2013, i.e. the date of search - HELD THAT:- It is one sided approach adopted by the assessee just to cheat the Department by demonstrating that assessee has suo-moto adjusted the seized cash towards his advance tax/tax liability. We note that just to make an entry in the Return of Income, suo-moto, without intimating to the Department, is not a compliance. Hence, it is abundantly clear that assessee had never intimated to the Department that his seized cash should be adjusted against his advance tax/tax liability therefore the Department is entitled to levy the interest on the outstanding demand. In the assessee`s case under consideration, we note that assessee has neither offered seized cash during his statement u/s 132(4) nor he intimated to the Department by letter that his seized cash should be adjusted towards his advance tax/tax liability, therefore we do not find merit in these three appeals filed by different assessees, hence we confirm the order passed by the ld. CIT(A). - Decided against assessee.
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