TMI Blog2005 (4) TMI 25X X X X Extracts X X X X X X X X Extracts X X X X ..... n seized after the close of the financial year cannot be, by any stretch of imagination, treated as payment towards advance tax even if it has been adjusted by the Department towards the tax liability. Thus, the order passed by the assessing authority under section 154 was justified - - - - - Dated:- 6-4-2005 - Judge(s) : R. K. AGRAWAL., RAJES KUMAR. JUDGMENT The judgment of the court was delivered by R.K. Agrawal J.-The Income-tax Appellate Tribunal, Delhi, has referred the following questions of law under section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), for opinion to this court: The reference relates to the assessment year 1977-78. Briefly stated, the facts giving rise to the present petiti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r section 217 of the Act as, according to him, the advance tax payment was wrongly taken at Rs. 92,000 as cash amount of Rs. 75,000 seized at the time of the search cannot be considered as advance tax payment. He after giving an opportunity of hearing to the applicant, redeter-mined the amount of interest payable under sections 139(8) and 217 of the Act. Feeling aggrieved, the applicant preferred an appeal before the Commissioner of Income-tax (Appeals) who, vide order dated November 25, 1985, had affirmed the order passed under section 154 of the Act. The applicant's further appeal before the Tribunal, did not meet with any success. We have heard Sri Vikram Gulati, learned counsel for the applicant, and Sri Shambhoo Chopra, learned stand ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r sources for which the previous year (relevant to the assessment year next following the financial year aforesaid) ends on or before the 31st day of December." Under clause (i) of sub-section (1) of section 211 of the Act the instalments of advance tax are payable on the 15th day of June, 15th day of September and 15th day of December in the case of an assessee whose total income to the extent of 75 per cent, thereof or more is derived from a source or sources for which the previous year (relevant to the assessment year next following the financial year aforesaid) ends on or before the 31st day of December. In the present case, as the previous year of the applicant ended on Diwali, 1976, which is much before the 31st December, the instal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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