9911796707
TMI Blog2010 (9) TMI 771X X X X Extracts X X X X X X X X Extracts X X X X ..... held that the assessee is entitled to adjustment of seized amount towards advance tax liability from the date of making the application in that regard - The assessee had made request for adjustment of the advance tax liability of Rs. 3,14,312 against the seized amount of Rs. 5,90,000 on August 28, 1989 - Since the first installment of advance tax was payable on September 15, 1989 and the request f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the appeal as culled out from the record are that a search was conducted at the business premises of the assessee on July 27, 1989. During the course of search, cash amount of Rs.6,20,580 was found out of which Rs. 5,90,000 was seized. The assessee surrendered a sum of Rs. 5,75,000 in his statement recorded under section 132(4) of the Act as income for the assessment year in question. The asses-s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order dated January 5, 1996, deleted the interest charged under sections 234A and 234B of the Act. Feeling dissatisfied, the Department took the matter in appeal and the Tribunal vide order dated July 23, 2003 dismissed the appeal which gave rise to the Revenue to approach this court by way of instant appeal. 3. We have heard learned counsel for the parties. 4. t is not in dispute that the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1989 and the request for adjustment having been made on August 28, 1989 and reminder on September 12, 1989, no interest was exigible under sections 234A and 234B of the Act. The Tribunal has rightly held that the assessee was entitled to adjustment of the said amount and no interest could be charged on that basis. Therefore, no fault could be found with the approach adopted by the Tribunal. 6. A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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