TMI Blog2013 (7) TMI 19X X X X Extracts X X X X X X X X Extracts X X X X ..... e A.O. to give credit of Rs.8 lakhs as advance tax as requested by the appellant. - I.T.A. No.359 /AHD/2012 - - - Dated:- 20-4-2012 - Shri A. K. Garodia A. M. And Shri Kul Bharat. J.M.,JJ. For the Appellant : Shri Hardik Vora For the Respondent : Shri Vinod Tanwani, Sr. D.R. ORDER Per: Shri Kul Bharat, J. M. The present appeal is directed against the order of the CIT(A)-II, Ahmedabad dated 21-12-2011 for the Assessment year 2007-08. 2. The only issue involved in this case is charging of interest under section 234B and 234C of the Income Tax Act of Rs.3,32,201 and Rs.43,120/- respectively by considering the amount of Rs.8 lacs which has been adjusted against the assessed tax as self assessment instead of advance ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in respect of which such person is in default or is deemed 5to be in default, may be recovered out of such assets: [Provided that where the person concerned makes an application to the Assessing Officer within thirty days from the end of the month in which the asset was seized, for release of asset and the nature and source of acquisition of any such asset is explained] to the satisfaction of the Assessing Officer, the amount of any existing liability referred to in this clause may be recovered out of such asset and the remaining portion, if any, of the asset may be released, with the prior approval of the Chief Commissioner or Commissioner, to the person from whose custody the assets were seized: Provided further that such asset or an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 31-5- 2006.Hence, it can very well be inferred from the return so filed that the respondent/assessee was required to pay advance tax on such income as mandated u/s.208 of the I. T. Act. Therefore, in view of the fact that there is no ambiguity in the provision so far application/adjustment of the seized money is concerned. Further, the judgments as relied upon by the Ld. D.R would not apply on the facts and circumstances of the present case since this is not a case where application u/s. 132(5) is made. Moreover, Section 132(5) is no more on statute book, even otherwise there is divergence in opinion between the Hon ble High Court of Madhya Pradesh and Hon ble Delhi High Court as fairly pointed by the Ld. D.R. The order of the ITAT Delhi Be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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