Interest liability u/s 234A, 234B, 234C - Cash seized during the ...

Income Tax

November 22, 2023

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. The seized cash was offered by the assessee, under the regime which was prevailing then, to be treated as the advance tax and thus there was no default in payment of advance; although its payment /adjustment was triggered due to a search action. Lastly, for the same reason, it cannot be said there was a deferment of payment of advance tax. - HC

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Interest liability u/s 234A, 234B, 234C - Cash seized during the ...

Income Tax

November 22, 2023

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