TMI Blog2021 (12) TMI 931X X X X Extracts X X X X X X X X Extracts X X X X ..... record must be an obvious and patent one than something which could be established by a long drawn process of reasoning involving more than one opinions. The factual position is no different before us wherein the assessee s case all along has sought to treat the cash seized as self-assessment and not advance tax covered u/s 132B Explanation 2 of the Act. We accordingly hold that the learned lower authorities have erred in law in invoking section 154 jurisdiction in the very terms as per strict interpretation of principles invoked in Commissioner of Customs Vs. Dilip Kumar[ 2018 (7) TMI 1826 - SUPREME COURT] - Decided in favour of assessee. - ITA No.416 to 418/Hyd/2021 - - - Dated:- 29-11-2021 - Shri S.S. Godara, Judicial Member AND ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e instant case, the appellant filed his return of income on 18.08.2018 for AY 2018-19 admitting income of ₹ 89,40,700/- which included additional income of ₹ 75,35,065/- admitted u/s 132(4) during the course of search operations held at his premises on 21.11.2017. The assessment was completed u/s 143(3) dt.31.12.2019 accepting the returned income of ₹ 89,40,700/ -. Subsequently the order u/s 143(3) was rectified vide order u/s 154 of I.T. Act dated 23.11.2020 by levying interest u/s 2348 amounting to ₹ 4,53,882/- as against ₹ 15,795/-levied in the assessment order. During the appeal proceedings, the appellant contended that it had made the specific claim amounting of ₹ 21,55,000/--, out of the t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ility arising on an application made before the Settlement Commission under sub-section (1) of section 245C, may be recovered out of such assets: Explanation. 1.-In this section,- (i) block period shall have the meaning assigned to it in clause (a) of section 158B; (ii) execution of an authorisation for search or requisition shall have the same meaning as assigned to it in Explanation 2 to section 158BE. Explanation, 2.-For the removal of doubts, it is hereby declared that the existing liability does not include advance tax payable in accordance with the provisions of Part C of Chapter XVII. It is important to note that the advance tax payable by the appellant thus cannot be adjusted against the cash seized and w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted or requisition is made, or the amount of liability determined on completion of the assessment under Chapter XIV-B for the block period, as the case may be (including any penalty levied or interest payable in connection with such assessment) and in respect of which such person is in default or is deemed to be in default, or the amount of liability arising on an application made before the Settlement Commission under sub-section (1) of section 245C of the Act. 2. Dispute arose between the Department and the aseessees with regard to adjustment of such seized / requisitioned cash against advance tax liability etc. Several Courts held that on an application made by the assessee, the seized money is to be adjusted against the advance tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d The operation of the Explanation is from the date of insertion which is 01.06.2013 and was very much in existence on the date of seizure which was 21.11.2017. The case laws relied by the appellant itself relate to the period prior to 01-06-2013 and in the case laws, it has been clearly held that after 0106-2013, the appellant would not be entitled to such request. The Assessing Officer has rightly levied the interest in view of the unambiguous provision of Section 1328 and its explanations. There are no two views on the above issue and therefore the action of the Assessing Officer is upheld accordingly. In view of the same, the ground no.2 and 3 are dismissed. 4 We have given our thoughtful consideration to rival contentions an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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