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TMI Blog2013 (12) TMI 1264X X X X Extracts X X X X X X X X Extracts X X X X ..... referred by the Revenue against the order of the Commissioner of Income Tax(A)-I, New Delhi for AY 2008-09 passed in Appeal No. 2/10-11. 2. The sole ground raised in this appeal by the revenue reads as under:- "On the facts and in the circumstances of the case, the ld. CIT(A) has erred in directing the assessment to re- compute the interest u/s 234B and 234C by treating the amount of Rs.3,86,11, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tax paid by the appellant. The Assessing Officer, while passing the intimation, dated 30.12.2009, u/s 143(1) of the Income Tax Act, 1961 ("the Act"), did not give credit of the aforesaid amount of Rs.3,86,11,000/-. The Assessing Officer, accordingly, raised a demand of Rs. 3,14,78,911/- upon the appellant including interest under sections 234B and 234C of the Act amounting to Rs. 52,44,393/- and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... advance tax as per provisions of the Act. The Assessing Officer further observed that the credit of cash seized during the search operation would be allowed only when the same amount is received from the P.D. Account of Commissioner of Income Tax(Central)-I, New Delhi. 5. Aggrieved, the assessee filed an appeal before the Commissioner of Income Tax(A)-I, New Delhi which was allowed by the impugne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in charging interest u/s 234B ad 234C without giving credit of amount of Rs.3,86,11,000/- as advance tax. Accordingly, the Assessing Officer is directed to re-compute the interest u/s 234B and 234C by treating the amount of Rs. 3,86,11,000/- as advance tax w.e.f. 24.03.2008 i.e. the date when the appellant requested the Assessing Officer to treat the amount as advance tax." 6. On careful conside ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... against seized cash, the assessee is liable to pay interest u/s 234B and 234C of the Act and the assessee is also entitled to get benefit of payment of advance tax out of seized cash from the date of making application for adjustment of seized cash as advance tax towards tax liability. 8. In view of above judgments, we are unable to see any infirmity, ambiguity or perversity or any other valid re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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