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Commissioner of Income Tax (Central) , Ludhiana Versus M/s Cosmos Builders And Promoters Ltd.

2015 (9) TMI 139 - PUNJAB & HARYANA HIGH COURT

Interest on adjustment of cash seized against advance tax liability - Held that:- Decided against the revenue in view of the judgment of Commissioner of Income Tax (Central), Ludhiana vs. Sh. Sandeep Jain and others [2014 (10) TMI 585 - PUNJAB & HARYANA HIGH COURT] . The assessee was entitled to have the cash seized adjusted against its advance tax dues.

Whether the explanation to Section 132B was retrospective in operation has been answered in favour of the respondent by this judgmen .....

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rt 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. - Decided in favour of revenue. - ITA No. 425 of 2014 (O & M) - Dated:- 14-7-2015 - S. J. Vazifdar, ACJ And G. S. Sandhawalia, JJ. For the Appellant : Mr Rajesh Katoch, Adv. For the Respondent : Mr Pankaj Jain, Sr. Adv. with Mr Divya Suri, Adv., and Mr Sachin Bhardwaj, Adv. JUDGMENT .....

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e following substantial questions of law arise for consideration:- "(i) Whether, on the facts and in the circumstances of the case, the Hon'ble ITAT is justified in law in confirming the order of CIT(A)-I, that no interest could be charged in the event of department not responding to the assessee's request for adjustment of cash seized against advance tax liability without appreciating the fact that the advance tax does not constitute the existing liability as per specific provision .....

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2 to Section 132B of the Income Tax Act, 1861, though inserted by the Finance Act, 2013, with effect from 01-06-2013 being clarificatory in nature, makes explicit what was implicit in the provision before the insertion of the said Explanation. (iv) Whether, on the facts and circumstances of the case, Hon'ble ITAT is justified in law in confirming the order of CIT(A)-I, whereas the due dates for paying installments of advance tax for the assessment year 2008-09, were 15-06-2007, 15-09-2007, 1 .....

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