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TMI Blog2013 (7) TMI 19X X X X Extracts X X X X X X X X Extracts X X X X ..... d against the assessed tax as self assessment instead of advance tax. 3. The Ld. A.R. has relied upon the judgment of this Tribunal in ITA No.570/AHD/2011 for the Assessment Year 2005-06 dated 23-3-2012 in the case of ACIT Central Circle 1(1) Ahmedabad vs. Meghmani Industries. We find that the issue in the present case is squarely covered by the order of this Tribunal in ITA No.570/AHD/2011 (supra).The relevant contents of the order are reproduced as under:- " The issue required to be decided in this case is that whether the money seized during the search operation can be treated as advance tax from the date of its seizure. It would be appropriate if the relevant provisions of law are reproduced herein for the sake of clarity. "132B (1) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sets were seized: Provided further that such asset or any portion thereof as is referred to in the first proviso shall be released within a period of one hundred and twenty days from the date on which the last of the authorizations for search under section 132 or for requisition under section 132A, as the case may be, was executed; (ii) if the asset consist solely or money, or partly money and partly of other assets, the Assessing Officer may apply such money in the discharge of the liabilities referred to in clause (i) and the shall be discharged of such liability to the extent of the money so applied. It is evident from a bare reading of the aforesaid provisions that the existing liability under the Income-tax can be discharged from th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pointed by the Ld. D.R. The order of the ITAT Delhi Bench in ITA No.1151/Del/2008 as relied by the Ld. D.R. is on different set of facts therefore, is not applicable on the facts ikn the present case. The issue whether the seized money should be applied towards advance tax liability of assessee and credit should be given credit there-from the date of seizure of money has been decided in favour of the assessee by the decision of ITAT Rajkot Bench in ITA No.1172/RJT/2010 in the case of Shri Ram S. Sarda v. DCIT and the decision of ITAT Mumbai Bench in the case of Sudhakar M. Shetty v. ACIT in ITA No.4238 & 4239/MUM/2007. Respectfully following the ratio laid therein we do not find any infirmity into the impugned order." 4. In view of this m ..... X X X X Extracts X X X X X X X X Extracts X X X X
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