TMI Blog2020 (5) TMI 252X X X X Extracts X X X X X X X X Extracts X X X X ..... d to the Department that his seized cash should be adjusted against his advance tax/tax liability therefore the Department is entitled to levy the interest on the outstanding demand. In the assessee`s case under consideration, we note that assessee has neither offered seized cash during his statement u/s 132(4) nor he intimated to the Department by letter that his seized cash should be adjusted towards his advance tax/tax liability, therefore we do not find merit in these three appeals filed by different assessees, hence we confirm the order passed by the ld. CIT(A). - Decided against assessee. - ITA No.411/ASR/2018, ITA No.407/ASR/2018, ITA No.403/ASR/2018 - - - Dated:- 18-2-2020 - Shri N.K. Choudhry, JM And Dr. A.L. Saini, AM ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 04.09.2013. In order to buy peace of mind and to avoid litigation, the assessee has offered voluntary ₹ 6,15,00,000/- during the course of search and seizure, (vide assessee`s statement recorded u/s 132(4) of the Act). During the search and seizure, the Department seized cash to the tune of ₹ 29,74,710/-. Later on, the assessee filed its return of income on 20.11.2014. The assessee had never intimated to the Income tax Department that his seized cash should be adjusted towards his advance tax/ tax liability. Before us, ld Counsel prayed that amount seized during the search and seizure operation should be adjusted towards assessee`s advance tax/tax liability, with effect from dated of search, that is from04.09.2013. On t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te Bench of Income Tax Appellate Tribunal, Pune in the case of Pushpendra Subhash Chandra vs. ACIT [2013] 37 CCH 127(Pune Trib.) wherein it was held as follows: 5. We have also heard the Ld. DR. He relied on the orders of the authorities below. In the present case, the cash was seized by issuing the requisition warrant which was admitted by the assessee as his income in the statement recorded u/s. 132(4) and in the said statement the assessee requested the revenue authorities to adjust the said cash against his tax liability for the A.Y. 2009-10. We further find that the requisition warrant was issued on 08-08-2008 and cash was seized by the RPF which was in their custody. The said date is admittedly before the first date of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... seized during the search, then the liability to pay advance tax in respect of that amount arises even before the completion of the assessment. Section 132B(1) (i) of the Act does not prohibit utilization of the amount seized during the course of search towards the advance tax payable on the amount of undisclosed income declared during the course of search. In the present case, the assessee, prior to the last date for payment of last installment of advance tax, had in fact by his letter dated 14th March, 2007 requested the assessing officer to adjust the amounts towards the existing advance tax liability. Since advance tax liability is to be computed and paid in accordance with the provisions of the Act even before the completion of the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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