TMI Blog2023 (2) TMI 317X X X X Extracts X X X X X X X X Extracts X X X X ..... with the contents of letter dated 17.12.2018 that convey that an amount of Rs.11.15 crores (approx.) is available to the credit of the petitioner in the PD account. It is thus that the petitioner has availed credit of a sum of Rs.9,23,01,365/- from the said amount towards the amount of tax due. The confusion and the error, if at all, arises only from the contents of letter dated 17.12.2018. The unambiguous impression that it conveys is that the entirety of the credit determined as balance in the PD account enured to the benefit of this petitioner. Immediately and coming to know of the same, the petitioner has remitted the sum of Rs.1.5 crores and this, in my considered view, constitutes substantial and adequate compliance of the statutor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mitted the taxes of additional income partly by way of adjustment against cash seized. 4. The trust had written to the Department on 11.12.2018 seeking a confirmation as to the amounts available for adjustment in the trust's personal deposit account (PD account) as on that date. 5. The Principal Commissioner of Income Tax responded on 17.12.2018 as follows: Please refer to the subject mentioned above. The details of balance amount available in PD Account in the name of the following assessees after adjustment in the group case of Shri S Jagathrakshakan is as under: Sl. No. Name of the assessee (M/s/Shri/Smt) Name of the assessee in whose name cash seized deposite ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 27,50,000 10. Raghunathan M/s.Lakshmiammal Educational Trust AABTS1129F 90,50,000 6. The above letter, in my view, gives a picture to the addressee, the petitioner herein, that the amounts lying to its credit amounted to a sum of Rs.11,15,98,860/- as is clear from the heading of the third column which states 'name of the assessee in whose name cash seized deposited'. 7. The petitioner had remitted a sum of Rs.11,40,63,961/- and had sought adjustment of a sum of Rs.9,23,01,365/- from out of the cash seized amounting to a sum of Rs.11,15,98,860/-. This position had also been accepted by the Settlement Commission in order dated 15.02 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... admitted tax in respect of the amount offered be deposited along with the settlement application at the time of filing. The petitioner has proceeded in line with the contents of letter dated 17.12.2018 that convey that an amount of Rs.11.15 crores (approx.) is available to the credit of the petitioner in the PD account. It is thus that the petitioner has availed credit of a sum of Rs.9,23,01,365/- from the said amount towards the amount of tax due. 12. The confusion and the error, if at all, arises only from the contents of letter dated 17.12.2018. The unambiguous impression that it conveys is that the entirety of the credit determined as balance in the PD account enured to the benefit of this petitioner. Immediately and coming to know ..... X X X X Extracts X X X X X X X X Extracts X X X X
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