Clarification on the issue of adjustment of seized cash against advance tax payable on the request from assessee - Income Tax - F. No. 286/105/2005-IT(Inv. II)

F. No. 286/105/2005-IT(Inv. II) Date of Issue : 13.07.2006 To All Director Generals of Income-tax (Inv.) Sub : Clarification on the issue of adjustment of seized cash against advance tax payable on the request from assessee A reference was received from DGIT (Inv.) Jaipur requesting for clarification as to whether provisions of law permit application of seized cash against the advance tax liability of the assessee for the year in which search took place. The matter was considered by the Board and the Board has decided that no clarification is required because provisions of law do not permit application of seized cash against the advance tax liability of the assessee for the year in which search took place. Yours faithfully Sd/- Abha Rani Singh Under Secretary (Inv. II)