Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights March 2020 Year 2020 This

Treatment of cash seized during the search as advance tax - ...

Income Tax

March 20, 2020

Treatment of cash seized during the search as advance tax - Explanation was brought by the Finance Act 2013 with effect from 1st June 2013. Thus the same cannot be applied to the facts of the case on hand. - AO directed to treat the seized cash as an advance tax with effect from the date of seizure of cash. - AT

View Source

 


 

You may also like:

  1. According to CBDT Circular No. 20/2017 dated 12th June 2017 cash seized during searh opeartion u/s 132B can be adjsuted against advance tax payment.

  2. Interest liability u/s 234A, 234B, 234C - Cash seized during the search - To be treated as Advance Tax or not - In this case, as ROI was filed, though after the search....

  3. Adjustment of cash seized during the search - AO to re-compute the tax liability - after adjusting the seized cash from the date of request made by the assessee - AT

  4. Initiation of search and seizure u/s 132 - stock-in-trade of business cannot be seized during search and seizure operations conducted on or after June 1, 2003 - HC

  5. Construction of residential complexes - Levy of ST on Advance received - the explanation inserted by Finance Act, 2010 cannot be have retrospective effect - AT

  6. Central Government appoints the 1st day of June, 2016 as the date on which Chapter VIII (EQUALISATION LEVY) of the Finance Act 2016 shall come into force - Notification

  7. Assessment u/s 153C - scope of amendment in Section 153C(1) - unless the documents or material seized ‘belonged’ to the Assessee, the assumption of jurisdiction u/s 153C...

  8. Interest u/s 234 B - Advance tax - Adjustment / Credit for cash as seized - there is no prohibition to adjust the seized cash with self assessment tax. What is...

  9. Money seized during the search operation - whether be treated as advance tax from the date of its seizure - Held yes - AT

  10. Effect of amendment in Section 153C w.e.f .1st June, 2005 - law applicability on search prior to amendment and notice u/s 153C issued after amendment - amendment brings...

 

Quick Updates:Latest Updates