2013 (2) TMI 813

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..... peal by the revenue, following question has been raised for our consideration :- Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in directing the A.O. to treat the date of seizure as the date of payment of advance tax, for computation of interest payable u/s.234A, 234B and 234C of the I.T. Act, 1961 ? 2. There was a search on the respondent .....

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..... ese circumstances, the Tribunal held that the amounts found in the course of search should be treated as payment of advance tax and the interest under Sections 234A, 234B 234C is not chargeable on the amount of ₹ 41 lakhs. 4. Counsel for the respondent-assessee states that the issue arising in the present case is covered by the decision of this Court in the matter of CIT V/s. Shri Jyoti .....

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..... tatement recorded during the course of the search, the respondent-assessee had clearly stated that the amount found during the course of search should be adjusted against his tax liability. Admittedly, the seized amount of ₹ 41 lakhs was with the revenue at all times from the date of seizure in July, 2006. In this view of the matter, the distinction sought to be made by Mr. Chhotaray between .....

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